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Google's hardware chief Rick Osterloh has confirmed that the successor to the company's Pixel smartphone will be released sometime this year. However, the upcoming Pixel 2 is going to cost you a bit.

The search giant surprised many when it ditched its Nexus brand and renamed the company's flagship smartphone line as Pixel. Google almost started from scratch by giving a fresh look to the Pixel and Pixel XL handsets and also incorporated some premium features like Google Assistant and a great camera.

Now, with words about the next-generation Pixel phone coming straight from the horse's mouth, the excitement around the Pixel 2 will surely surge.

During an interview, Osterloh told AndroidPIT that Google will follow the same release cycle as the rest of the industry, which essentially means that there will be at least one new Pixel phone in every 12 months.

"There is an annual rhythm in the industry. So, you can count on us to follow it. You can count on a successor this year, even if you don't hear a date from me now," Osterloh said.

Osterloh confirmed that there would be a new Pixel phone this year, but he didn't clarify exactly when it would be released. The current models of the smartphone were made available in October 2016.

When asked about the price, Osterloh said that Pixel would remain premium as Google would leave lower price segments for other smartphone makers to explore.

Osterloh's comment about Pixel 2's pricing contradicts a recent report from 9to5google saying that Google was testing some prototypes of the device dubbed "Pixel 2B," which would be "significantly cheaper."