With the 2014 Mercedes-Benz E63 AMG now offering as much as 577 horsepower in ‘S-Model’ trim, the 560 horsepower of the BMW M5 is starting to look a little feeble, at least in terms of bragging rights (we doubt most owners would be able to tell the difference).

To rectify the issue, BMW is planning an upgrade for the M5, which Car and Driver is reporting will boost output to 575 horsepower.

The upgrade will likely arrive as a Competition Package and is said to be developed for both the M5 and M6.

Being part of a Competition Package, expect a host of other upgrades including new wheels, brakes and tires. Revised suspension and a number of minor aero tweaks are also likely.

Cars fitted with the Competition Package are expected to deliver 0-60 mph times around 0.1 of a second quicker than those with the current 560-horsepower rating. This means a 0-60 time of 4.3 seconds. Top speed, meanwhile, is to remain at 190 mph.

For those at home counting, that’s still 0.8 of a second off the pace of the all-wheel-drive E63 AMG S-Model in the 0-60 run but 4 mph faster when it comes to top speed.

Look for the M5 and M6 Competition Package to be offered this summer.

Note, the power wars aren’t likely to end there. Audi’s RS 6/RS 7 duo is tipped to receive their own ‘Plus’ upgrades that could see output reach as much as 600 horsepower. However, no official word of their release has been mentioned.