The Snapdragon 765G inside the LG Velvet was a questionable choice the phone has a flagship price and a mid-range chipset. A strange new device has surfaced, the LM-G910 (whereas the current Velvet is G900).
Lets call it the LG Velvet 4G. It is powered by the Snapdragon 845, a two year old flagship chipset. This was before the time of 5G of course, so that functionality is lost. The rest seems to be the same, including the 6GB of RAM and 128GB storage (UFS 2.1).
Connectivity aside, the S845 has a significantly faster GPU while the CPU performance is comparable to the S765. Of course, the older chip may have an impact on software updates in the future.
Chipset and memory details from AIDA64 The rest is unchanged
This version of the phone will be available in the Middle East region and it is reported to be 20% cheaper than its 5G counterpart. The tip we received came from Iran, but LG Iran is yet to list the device.
A bit more digging reveals that Anatel, the Brazilian wireless regulator, has certified the LM-G910, so the 4G version of the Velvet may be headed to other regions as well. Neither Iran nor Brazil have active 5G networks, so the 5G modem would have been wasted anyway.
PS. LG recently launched a new phone with the Snapdragon 845 (this time for Japan), so this is not unheard of.
Source (in Persian)