Following Apple's long-awaited iOS 8 update that's featured in the new iPhone 6 and iPhone 6 Plus, users of the rival Android from Google can't hardly wait for their own Android OS update.

Google previously announced that the latest Android update, Android 5.0 L, is already in the works and even provided a preview for the highly-anticipated operating system.

According to reports, the Android 5.0 L update will be the biggest Android update to be released since the operating system platform was first launched by Google.

Speculation suggests that the "L" in Android 5.0 L stands for Lollipop, as Google is known for naming its Android platform after sweet eatables; while some others suggest that 'L' stands for Lemon Meringue Pie.

According to reports, if Google sticks by its traditional Android update releases, the Android 5.0. L should be out by the end of October and could be available to the Android users by November of this year.

Android 5.0 L is expected to be showcased first on Google's soon to be released flagship smartphone, the Nexus 6.

Other reports went on to mention that some of the applications available to Android users have already started revisions in preparation for the much-awaited OS update, including Google's Play Store. Reports claim that the Play Store Version 5.0 includes headers that go well with the Android 5.0 L theme.

So far, one of the key change the Android 5.0 L will bring is its Material Design, which promises more vibrant colors and animated icons.