British media is reporting Porsche is working on a Ferrari 458 Italia rival currently codenamed "988."

British media is reporting Porsche is working on a Ferrari 458 Italia rival currently codenamed "988."

It is believed Porsche's flat-six engine has reached its peak and now the engineers from Stuttgart have started work on an entirely new flat-eight engine. Codenamed "988", Porsche's 458 Italia rival will allegedly get this engine which is said to have a 4.0-liter displacement and pack four turbos to generate approximately 600 bhp (447 kW) and more than 400 lb-ft (542 Nm).

It will boast an entirely new architecture that will make more extensive use of aluminum and composite structural elements. At this moment there aren't any exact details about the 988's design but it is believed some styling cues will be borrowed from the 918 Spyder. There should be an elongated rear deck taking into account the mid-mounted flat-eight arrangement.

The car is expected to go on sale in 2017 and will be followed by the next generations of the Boxster, Cayman and 911, all arriving within two year's time.

Note: Porsche 918 Spyder design sketch pictured.

Porsche '988' with 600 bhp quad-turbo flat-eight engine in the works - report