The mid-engined newcomer will rival the Audi R8 and Porsche’s next-generation 911, which is due to hit showrooms in 2011.

A range of hi-tech new engines will be fitted under the rakish bodywork, with entry-level cars getting a development of the brand’s 3.0-litre twin-turbo straight-six. Buy-ers looking for more performance may be able to choose the 4.0-litre V8 from the M3, with the model possibly badged M1 CSL. Diesel and hydrogen fuelled variants could also appear. If, as expected, the car gets the go-ahead, the first production models will hit showrooms in 2013.