If budget phones are your thing, or if you’re simply looking for a backup phone or a phone to give your kid for emergency use, then you might be interested in taking a look at the LG Optimus Elite, a rumored budget handset that is said to be arriving on Sprint and could be taking the place of the Optimus S. The device sports a 3.2” 480×320 display, an 800MHz processor with 512MB of RAM under the hood, a 5MP rear-facing camera along with support for NFC, which if we had to guess, we’re thinking might have something to do with Google Wallet functionality. No word on how much it will cost or when it will arrive, but check back with us again in the future as we will keep you updated.