The new model, believed to be named the 599 GTO after the 250 GTO of the 1960s, will be a street-legal race car with plenty of added performance, following closely in the footsteps of the F430 Scuderia.
Powered by a highly tuned version of Ferrari's 6.0-litre V12, the 599 GTO is expected to deliver at least 506kW with some reports even saying the figure could be closer to 522kW. The 599 GTO will also lose 68kg of 'unneccessary' weight.
If the rumours are true, we could expect a reveal of the 599 GTO at next year's Geneva Motor Show. Production capacity will likely be capped at less than 500 units.