When it comes to automobiles, nothing defines wretched excess quite like the Bugatti Veyron. Everything from its 987-horsepower (or 1,184 hp, in Super Sport trim) W-16 engine, to its multi-million dollar selling price, to its absurd cost of maintenance, is meant to signify that the Veyron is not for ordinary buyers.

While many anticipate the Galibier sedan will be the next big product release from Bugatti, reports are that the exclusive automaker is also at work on a revamped Veyron, which could potentially make the current version look downright ordinary in its performance.

Auto Express quotes Bugatti chief vehicle engineer Jens Schulenburg as saying, “We are working on the next super-sports car. The big challenge will be reducing weight – we are looking at some incredible technologies, such as wheels made entirely from carbon fibre. We’re considering hybrids, too.”

And that’s where the facts end and the speculation begins. Auto Express, and others, believe that the updated Veyron will come packing as much as 1,600 horsepower, coupled with a 250 kilogram (550 pound) reduction in curb weight.

Allegedly, that will produce a serious increase in performance, with the run from 0-100 km/h (62 mph) taking just 1.8 seconds, on the way to a top speed of nearly 290 mph (assuming that Michelin will certify tires to that speed).

Word is that the car will debut at the 2013 Frankfurt Auto Show, which means work on the project is well underway. Though we’d admit anything is possible, color us skeptical given the declining global market for supercars and the Volkswagen Group’s reluctance to spend money on more lucrative projects (like the Lamborghini Urus SUV).