The new car would fill a gap in the company line-up left by the demise of the not particularly successful Z8 roadster. However, Panke insisted the new car wouldn't be a second-generation Z8. And while BMW is investigating a 911 competitor, it has completely ruled out a full-on supercar to rival the Mercedes SLR or Porsche Carrera GT.

If the car got the go-ahead it could be badged either Z8 or Z9, though in the current BMW badging culture, even numbers are reserved for niche models. It's not known whether the concept currently on the Munich drawing board is front- or mid-engined. However, Aston Martin's 911-rivalling AMV8 is front- mid-engined and BMW would almost certainly use the same formula.

Should the project get the green light, it's most likely to be powered by the upcoming V8 version of the new V10 M5 engine, which will be used in the 2005/6 M3 coupe. Developing around 400bhp, this engine would give the BMW sports car more power than the new 911. Its transmission is likely to be the M5's seven-speed sequential SMG box, though a conventional manual 'box would likely be optional.

As for a styling direction, the nearest concept BMW has displayed to a potential 911 rival was the 2001 X-coupe, which could give some clues as to the shape of the new model. And according to BMW's new chief designer, Adrian van Hooydonk, future BMW models will still have radical looks. 'The BMW brand stands for dynamic elegance. All the icon cars of our past had sharp lines and we'll continue with that philosophy. Our cars will also be full of tension, the lines will be sharp, not wishy-washy,' Hooydonk said recently in a website interview.

In the aftermath of the press conference, a senior BMW PR executive was keen to engage reverse gear when evo asked for clarification about a 911 rival. 'We can see a sports car in the upper segment but there are no concrete plans or decisions at the moment,' he insisted.

He admitted that some people inside the company including 'car guys' were pushing the idea but that it had to be recognised that this was a very small niche 'with plenty of models already on the market'.

Instead, he advised us to turn our attention to the 'upcoming V10-engined model being introduced alongside the M5'. The M6 coupe is rumoured to have a 5.5-litre engine and more power than the M5. If it's launched in full-hardcore guise (possibly utilising carbonfibre body panels and a race-style interior) it could well remove the need for BMW to consider a direct 911 rival.