After months of speculation and unconfirmed advertisements, Verizon is finally releasing the Galaxy Nexus December 15 for $299 when you sign a two year contract.

[Update: The device will be available through Verizon beginning at 1 a.m. EST. As part of a holiday special, the company is offering both current and new customers who buy a 4G phone double the amount of monthly data for the same monthly fee — meaning a 2GB data plan will get 4GB per month. The special runs through the holidays and will include the Galaxy Nexus.]

For those who haven’t been keeping up with the news, the Samsung Galaxy Nexus the latest in Google’s flagship Nexus Android phone lineup. The device sports a 4.65-inch display running at 1280 by 720 resolution, a 5-megapixel camera with 1080p HD video capture and a 1.3-megapixel front-facing camera. Under the hood, the Galaxy Nexus has a 1.2-gigahertz dual core processor and 1 gigabyte of RAM. It’s also the first phone to run Android 4.0 “Ice Cream Sandwich”, the latest version of Google’s mobile OS. VentureBeat’s Devindra Hardawar describes it as having everything you’d ever want in a smartphone.

Right now, there’s no word on whether Verizon plans to offer the phone at the $199 price point listed in unconfirmed advertisements that surfaced last month. However, it is the holiday season — meaning Verizon might hold off on further price cuts when people are a little less willing to spend their money.

While details about the Galaxy Nexus launch are still scare, we expect more information to roll out soon. We’ll update this post with any new information as it rolls in.