BMW prides itself on having some of the most dynamic and involving vehicles on the market today, but its fleet is still lacking a genuine sports car. Some may argue that BMW already offers the 507hp V10-powered M6 Coupe, but to the purists the M6 is an overweight four-seater GT that compromises performance for comfort.

Last year there were rumors BMW was developing a new super-sports car to rival Audi’s R8 and Mercedes’ upcoming SL Black Series, and now German magazine Auto Zeitung is once again reporting that a successor to the original M1 supercar is coming in 2012.

Latest news is that the car will feature a full carbon-fiber chassis plus a number of other weight saving technologies including carbon-ceramic brakes, forged magnesium wheels, Kevlar bucket seats and a carbon-fiber bodykit.

According to the source, the new car will feature a front-mounted V10 engine with a pair of turbochargers bolted on. The motor will be built from a completely new design and include an Infineon ECU developed by BMW’s F1 team. Engineers are hoping for a final output of 625hp, which in the car's ultralight body could possibly take it close to speeds of up to 400km/h.

An entry-level version of the car will be offered with BMW’s new twin-turbo V8 engine and is rumored to cost around €150,000. Expect to pay up to €300,000 for the range topping force-fed V10 version.