What we’re hearing is that the new processor will be called the "L9", and will reportedly launch in a phone September of this year. We don’t have specific details on what type of process it will be built on, but is said to be a quad core silicon that's “in line with the times” (according to Phone Arena). The number "9" in the title could imply a Cortex A9 processor, but that hasn’t officially been confirmed.
LG will debut its new processor, along with the True HD screen from the Optimus 4X HD, in their device this September. To take it to an even higher level, the phone will also come equipped with a 10MP+ camera, making it the first quad core phone to host a camera with more than 10MP.
LG has struggled lately to gain traction in the Android market, and while this announcement most likely won't be the solution to all of LG’s problems, it's certainly good to see them continuing to innovate as a company.
Picture credits: www.learnoptimism.com (edited by myself)