Turn those frowns upside-down, Nexus 4 stalwarts. Your beloved Nexus of yesteryear is finally getting that sweet, sweet Lollipop goodness in an official capacity, just as we expected. Google has posted the full system image that takes the Nexus 4 all the way to Android 5.0.
The image comes with build number LRX21T, which dates from October 21st like many of the other images. The 471MB download will include everything you need to get Android 5.0 flashed to your device. You don't even necessarily have to wipe userdata, but it's probably best.
We've got full instructions for flashing system images here, but there have been a few hiccups with fastboot choking on the update command. If you get any errors, hit up our post on the manual flashing procedure. Good luck!