Jaguar is rumored to be working on a new high performance derivative of its XK coupe, which is destined to become one of the firm’s fastest coupes ever. Likely to be called the, er, XKR-R, the new model will compete with the likes of the Porsche 911 Turbo and Aston Martin V8 Vantage, however Jaguar's dire financial situation may mean the XKR-R will never see the light of day.

UK’s Auto Express has gathered some key information from insiders about the design of the new Jag. Visually, the car will be a toned down version of the company’s GT3 racecar including a new deep front splitting air dam, side skirts, mesh covered intakes and as well air intakes on the bonnet and huge 20in wheels.

Inside, the XKR-R will feature typical Jaguar luxury - this won’t be a stripped-out racer as seen in the past. There will be racing-style bucket seats, carbon fiber trim plus the upgraded 4.2L supercharged V8. Power should be more than 500bhp thanks to ECU remapping, upgraded variable valve timing, free-flowing exhaust and more boost from the supercharger. Acceleration to 62mph will be in 4.5 seconds with a top speed in excess of 180mph. Our message to Jag? Build it.