This is according to a recent sighting in the Android Open Source Project in which the Google Pixel 5 was explicitly mentioned. Typically, Google gives codenames to its unannounced devices, but for whatever reason, the reference made in AOSP mentions the Pixel 5 by name, indicating that this is what the company will most likely be calling the device.
Unfortunately, apart from mention of the Pixel 5 name, not much else is known about the phone. It is probably safe to assume that it will most likely be powered by Qualcomm’s Snapdragon 865 chipset and that 5G support will be possible. The alleged render we saw the other day also suggests that Google could be changing the design of the camera, where it will feature a triple camera setup in a slightly different arrangement with the flash in the middle.
We can also probably safely assume that Motion Sense will be returning, and hopefully Google will be introducing improvements and new features to it that will make it a more useful feature to have. Until we get more information, do take it with a grain of salt.