The much anticipated OTA update to Kit Kat 4.4 is now available for the Nexus 4. The update had been delayed several weeks due to it being extremely buggy. The guys over at Android Police grabbed the ota urls so you can grab the file from the link below and flash away! The KRT16S is a 239mb file that can be flashed to your Nexus 4 regardless of your bootloader/root status. If you have modified your system in any way you will need to first flash the stock image so that the update can install properly. To install the update manually you will need to have the SDK installed if you are looking to sideload the zip. You wont need that however if you intend to download the zip directly to your phone and then flash it via recovery. It should be noted that this update won't flash unless you are currently running 4.3 JWR66Y or Android 4.4 KRT16O.
This update won't wipe your data and you will be able to flash whether your bootloader is unlocked or not. You can flash this in stock or custom recovery. Android Police has the full guide at the link below including download links.
Via Android Police