LG is on the right track. They already have a waterdrop notch in the dual screen G8X. If G8X had a bigger battery and came with a telephoto lens, it was worth buying without the 2nd screen accessory.

Hmmm, strangely the size of the main camera doesn't seem to be clear in that render. I'm gonna assume that the biggest square is the SoC, because otherwise it would be missing one, and the shadow with rounded corners doesn't seem like a camera module either, as those should have sharp corners.
Aside from that...we'll have to see if LG could do a proper waterdrop or central punchhole.
...come to think of it, putting the SoC directly below the camera is a terrible idea as heat increases read noise, I'm gonna assume that the SoC is mounted to the back of the board (because the flash is also missing from that render), in which case this would be an impressively big module, looks like 1/1.5", possibly bigger.