According to foreign media reports, the Pixel product line has been following a very cautious and reliable naming scheme since 2016. Therefore, we can almost be sure that these phones will be called Google Pixel 5 and Google Pixel 5 XL. 
However, in terms of specifications and design, this year’s Pixels store may have some changes (slightly more). These changes may prompt Google to change the naming scheme slightly this year. To be clear, we have no information to confirm or deny. But by 2020, there will be one more possibility of a name change than any other year.
As far as the release date of Google Pixel 5 is concerned, each flagship Pixel has landed in October, so it is reasonable to expect that Google Pixel 5 will land in mid-October 2020.
Last year was the first time that Google completely changed the overall design of its flagship Pixel phone. With the help of Google Pixel 4 and Pixel 4 XL, Google changed the shape of the phone, removed the rear fingerprint sensor, overhauled the camera module, and withdrew its display changes from the Pixel 3 product line. This is a big change!
With this in mind, Google Pixel 5 may look completely different from Pixel 4. As a possible example, the radar function of the Pixel 4 series has not been widely adopted, and Google has not released too many updates to the system. Google may abandon this practice, thereby significantly changing the display layout of the Pixel 5. However, the redesigned camera module may still exist. Considering that Google Pixel 4a almost certainly has the same module, it makes sense for Google to design this module as the brand of Pixel phones. In other words, because the modules are different, you can judge whether someone is using the Pixel.
Every flagship Pixel phone has two things: the latest Qualcomm 800 series processor and the latest version of Android. Although we can be sure that Pixel 5 will be released with Android 11, we are increasingly doubting whether it will be equipped with this year’s Qualcomm flagship product Snapdragon 865. Multiple Google Pixel 5 leaks indicate that the phone will be equipped with more mid-range processors. As of now, our best guess is that Snapdragon 765, 765G or 768G may be the driving force behind the Pixel 5 series.
Why did Google make this change? The most likely reason we can think of is cost. The full-featured Pixel phone with Snapdragon 865 starts at $1,000, which is similar to the Samsung Galaxy S20 series. Even if Google cut corners, it can only reduce the entry price to the starting price of $899 for OnePlus 8 Pro.