Yep, 4.97 in a slightly smaller body than the Nexus 4.

Engadget [0] which is the source for this psudo-blogspam says:

Nexus 5 listed for $349, [...] 1080p 4.95-inch display, 2.3GHz Snapdragon 800 CPU, LTE and storage capacity that tops out at 32GB

[0] http://www.engadget.com/2013/10/17/nexus-5-16gb-349-play-sto...

Definitely won't mind the larger screen if the physical dimensions are actually smaller.