BMW’s upcoming 5 Series range will bring forward a couple new models. Among them, we’ll get to see a new M Performance automobile under the M550i nameplate which will most likely replace the popular 550i. This new variant will be a proper rival for the Audi S6 as well as a perfect fit to fill in the performance gap leading up to the M5.

According to our sources inside Munich, BMW is working on two versions of the M Performance model that will be available within the 5 Series range. One of them will be coming with all-wheel drive for those looking for straight line performance while the other will be rear-wheel drive for those enjoying twisty roads. Both cars, however, will be using reworked versions of the N63 4.4-liter V8 engine. No definitive horsepower figure is known at the moment but we should expect close to 500 HP and 700 Nm (516 lb-ft) of torque.

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Of course, not only the engine will be setting these models apart from their non M Performance brothers. The suspension setup will also be reworked as will the exhaust and some exterior design cues. Expect the Feric Grey mirror covers to be included as standard on the M550i as well as the grey accents in the front bumper air intakes.

There’s no word on what will happen with the M550d xDrive models so far, though. While we do expect the model to continue to be offered with the new quad-turbo B57S engine, there’s also a slight chance it will be retired. It would be a shame though as the car proved to be quite popular especially in Touring guise in Europe. Furthermore with the new 400 HP mill under the hood it could prove to be a tantalizing proposal for a lot of drivers out there that want to combine power with frugality.