The rumor is from photorumors. We don’t know his source that’s why we post it with a “FT3″ value (which means “could be”).
He says “my sources from Asia can only confirm that at least one more, high end, compact camera will be announced with new Lumix G model, but at that point it is not confirmed that it will be the LX4:”
* Full manual control
* New and improved image stabilization system
* No RAW mode (? – LX3 did have RAW mode, another reason why this may not be a LX3 replacement). Panasonic may keep the RAW mode only for their GF line.
* 720p HD video
* Stereo microphones
* New digital zoom function: Panasonic will unveil also a new technology that will be related to digital zoom and will make it much more useful