ARM demoing Android prototype at Mobile World Congress?

According to Reuters, chipmaker ARM has plans to show off an Android-based "Google Phone" prototype at Mobile World Congress in Barcelona. The news agency is citing a "source" for this information, and both Google and ARM declined to comment, as if reading from some sort of industry script, though we're seeing and hearing a lot of buzz from MWC on new tech, so this would come as no surprise. Come on guys, we don't mind if the OS is still a little buggy... show us some hardware.