While no details have been confirmed, Autocar quotes BMW's head of development, Klaus Fröhlich, hinting that such a model is an "opportunity".
"The sector is growing fast, so there will be opportunity."
"There is room for X8 – especially in markets like China – but there are no decisions yet. Each car must have a distinct character, and these are the sort of areas that take time to evaluate," Fröhlich added.
According to the British publication, BMW is in discussions regarding whether the X8 should be a coupe version of the upcoming X7 - a la X4 to X3 and X6 to X5 - or be a long-wheelbase version which, thanks to the extra length, will allow for a sweeping roofline.
Regardless of the decision, Autocar says that the X8 will likely have the option of four or five seats, much like the limo-like Range Rover SVAutobiography, rather than the three-row layout coming in the X7.
Additionally, the sweeping roofline still needs to allow for a commodious second row - as the vehicle will appeal to those who are driven in their vehicles as opposed to driving themselves.
Drivetrains are expected to come from the X7 and 7 Series line-ups, including a range of six- and eight-cylinder turbocharged petrol and diesel mills. A plug-in hybrid 40e iPerformance is likely, as is the 448kW/800Nm 6.6-litre twin-turbo V12 from the M760Li xDrive.
In terms of timing, the British publication predicts that an X8, should it go into production, will arrive around the turn of the decade.
Pictured: BMW Concept X7