Nexus 4 owners will be pleased to hear that Lollipop build LRX21T is on its way for their devices. While there isn't a specific time frame for the rollout, Sascha Prüter states in a post to Google+ that the build is "locked and loaded," indicating in the comments that LRX21T is destined for the Nexus 4 some time soon.

Just Nexus 4 for now. Our goal was to use as many letters as possible for all the different devices ;)

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Soon, not sure when exactly but shouldn't be too long. Staging the factory images always takes some time.

Hopefully the update lands on the sooner side of "soon," but again we can't know just yet. All we know is that the Nexus 4 will be getting its update in the near future.

Source: Sascha Prüter