Manu Cornet confirmed the name of the new Google platform in a recent comic drawing which showed Android's evolution from Gingerbread to the upcoming Key Lime Pie.
Android 5.0, Key Lime Pie will be the next-generation build of Android, according to a recent statement made by a Google employee.
Android 5.0 Key Lime Pie is expected to be officially announced at Google I/O next May.
Smartphones using the new software are already being developed by companies such as LG.
The handset maker is currently working on the LG Optimus G2 smartphone that will run Android 5.0, Key Lime Pie and will launch in May of next year.
This smartphone will come with a 5-inch Full HD LCD panel with 440ppi pixel density.
Other specifications rumored for the device include a 2.0GHz quad-core MSM8974 Qualcomm Snapdragon S4 Prime CPU, 4G LTE, and a camera with backlight prevention technology.
Aside from popping up on the LG phone, Android 5.0 also recently made an appearance in benchmarks last month.
A Sony device called the LT30i was found running this build of Android on the NenaMark Benchmark charts.
Android 5.0, Key Lime Pie will run on both smartphones and tablets when it is released.
So far, it has only appeared smartphones, but should show up on tablets sometime in the near future.
It still is not clear what new features will be available on Key Lime Pie, but it is safe to say that a new graphics interface replace the old layout from Ice Cream Sandwich.
Android 5.0's predecessor, Android 4.0, ICS was released last Nov. and came with the new graphics interface known as Robato which improved fonts making reading easier on the screen of device's running the software.
Google normally releases a major update to the software once a year.