Ferrari and Fiat have reportedly signed a new agreement that calls for the Italian supercar marker to build and develop a new engine for high-end models.

Ferrari and Fiat have reportedly signed an agreement that calls for the Italian supercar builder to develop a new engine for high-end models.

Italy's Ansa says Fiat will give Ferrari approximately €50 ($62 / £40) million to build a new production line for the mysterious engine - possibly a twin-turbo V6 - which could be used in the Maserati Kubang, Levante and next-generation Quattroporte. There's also a chance that it could be used in Alfa Romeo flagship, but nothing is official as of yet.

The engine could go into production by 2014, so expect to learn more in the coming months.

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Ferrari to build a new engine for Fiat - report