Motorola's Moto Z series has always been about modular accessories, called Moto Mods. Since day one, the handset hasn't offered a 3.5mm headphone jack, although that could be changing according to Evan Blass, who has a reputation for reliable leaks.
If the image above is indeed accurate, then it marks a real departure from previous handsets from the Moto Z lineup. For one thing, there's no fingerprint sensor shown. That was moved to the side of the device to fit a larger display in the Moto Z3 family, and that seems to be gone. That would seemingly mean that Motorola is moving toward an in-display sensor like others have done.
The biggest, and strangest change is that the device shown has a single-lens rear camera. Motorola started using a dual-lens camera with the Moto Z2 Force, and both the Z3 Play and Z3 included the feature. This seems like something of a step back. The back of the device also appears to be metal, after Motorola switched to a glass sandwich design last year.
It's possible that this is a new entry into the Moto Z lineup for this year, offering access to Moto Mods in a lower end device. Typically, the Z proper is a flagship, although last year, the Moto Z3 didn't included the typical Snapdragon 845 and went with a Snapdragon 835 to bring down the price point. The Z Play is an upper mid-range device, so perhaps this is something new that will come in at a lower price.