The vehicle in the images - which combines elements of the current 488 GTB and previous 458 Italia - could be a sign that the Prancing Horse could be working on an entry-level sports car that could revive the iconic Dino nameplate.
It appears numerous modifications have been made to the body of the 458/488, including large side air intakes, heavy white camouflage across the body, and newly-positioned exhaust outlets at the rear.
According to photographers, this prototype didn't sound like it was packing a V8 engine - further fuelling rumours this could be the anticipated rebirth of the Dino.
Reports suggest the new model will use an uprated version of the twin-turbo 2.9-litre V6 engine found in the Alfa Romeo Giulia QV and Stelvio QV - which, in those models produces 375kW of power and 600Nm of torque.
This latest sighting follows the spy photos of a similar Ferrari mule in 2015, which was also believed to be for the upcoming Dino - sporting a 458 body with reworked intakes, new exhaust outlets, and a V6-like engine note.
It's an indication that Ferrari is moving forward again with its sportscar program, further validated by the fact that Sergio Marchionne, Fiat Chrysler Automobiles (FCA) and Ferrari boss, was quoted in 2015 saying the revival of the Dino was not a matter of "if", but "when".
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