Here’s the official statement from Google and Samsung:

“We believe this is not the right time to announce a new product as the world expresses tribute to Steve Jobs’s passing,” the companies said.

They are likely to make an announcement on the launch late next week.  The new Google phone is built by Samsung and is rumored to have a 4.65-inch, 720P display with dual core 1.5GHz Samsung processor, NFC, 1GB of RAM and other speeds and feeds.  It will likely be one of the stronger competitors the iPhone 4S faces this holiday season.

More at 9to5google.com

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