We recently reported on BMW's striking M1 Homage design study (more here) -- an unabashed tribute to the 1978-81 mid-engined M1 supercar -- and the plot has just become more intriguing.

This picture -- allegedly captured in an aircraft hangar in Spain -- first appeared on FreshTarmac.com, and it's since been doing the rounds on various other websites and Internet forums.

Unless it's a particularly clever piece of rendering/Photoshopping, what it shows is a seemingly near-production-ready supercar that pays more than a nod and wink to the hallowed M1.

Could it be an eagerly awaited modern-day version of the 1970s classic? Or perhaps a successor to the defunct (1989-1999) 8 Series Coupe?

A BMW Australia spokesperson contacted by the Carsales network wouldn't comment, other than to say: "It's an interesting photo", which suggests there is some substance to the image.

On paper, it appears to make sense for BMW to have a crack at building a supercar, given that archrival Audi has fared exceptionally well with its hot-selling R8 Coupe --so much so that a go-faster version (powered by the Lamborghini Gallardo's V10, or derivative thereof) is currently in the works.

The Ingolstadt company also unveiled a prototype V12 TDI (turbo-diesel) version of the R8 at this year's Detroit motor show.

Then there's the fact that Lexus and Honda are also on the verge of getting in on the supercar game via the LF-A (more here) and NSX (more here) respectively -- further proof that the rarefied segment is about to enjoy a fresh boom.

Getting back to the mystery BMW photographed in the Spanish hangar, what's clear (via the bonnet bulge and vents) is that its powerplant resides in front, in contrast to the mid-engined M1.

But what exactly is the source of its motive power? A reasonable guess would be the 373kW/520Nm 5.0-litre V10 that propels the M5 and M6. Or it may be that BMW's boffins have created an all-new motor for what we can only surmise will be the brand's future range-topper.

The car's design language is stunning. Low, wide and aggressively snouted, the white coupe has noticeable similarities with the CS Concept unveiled last year at the Shanghai motor show.

Although hard to discern from the image, the roof appears to be made either of glass or CFRP (carbon-fibre reinforced polymer), as per the M3 and M6.

While BMW is not making any comment about the car, it's possible the eye-catching coupe will debut (officially) at October's Paris motor show. Watch this space...

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