Dubbed the LM00X, the three-door crossover will reportedly feature a twin-turbo 4.0-liter V8 with upwards of 550 hp.

According to a recent report, Lamborghini is developing a successor to the LM002.

Dubbed the LM00X, the three-door crossover will reportedly be based on the Audi Q5 / Porsche Cajun and feature supercar styling.

While the original LM002 was powered by a monstrous V12 engine, the LM00X is slated to use a twin-turbo 4.0-liter V8 from the Audi S7 Sportback. Nothing is official at this point, but sources are suggesting the engine will produce upwards of 550 hp (410 kW / 558 PS). This should enable the crossover to accelerate from 0-100 km/h in less than four seconds.

To cope with the extreme performance, the LM00X will be significantly different than its platform mates. Tweaks are expected to include a unique suspension, high performance brakes and exclusive dampers.

A launch is rumored for 2012, so expect to learn more in the coming months.

Note: Rendering is from the WCF archives and dates back to 2006

Gallery: Lamborghini to build LM002 successor - report