The M5 Touring models have been few and far between as the ultra-rare E34 from 1992 wasn't followed until 2007 (to 2010) by the E61. It looks as though BMW is preparing a third iteration of the big speedy estate as a source familiar with the company's agenda claims the AMG E63 competitor is coming back. It is believed series production will commence in November 2024, which could mean we're roughly two years away from the official reveal.
Bimmer Post forum member ynguldyn is a well-known BMW insider who has been right a lot of times in his predictions about unreleased models. He believes the M5 Touring carries the "G99" codename and will follow the M5 Sedan G90 set to enter production in July 2024. Both body styles are rumored to get the plug-in hybrid V8 powertrain from the forthcoming XM with its new twin-turbo 4.4-liter V8 (S68) engine.
A V8 would complement the E34's inline-six and the E61's rev-happy V10 while packing some serious punch. In its range-topping specification due in 2023, the XM is going to have somewhere in the region of 750 horsepower and 1,000 Newton-meters (738 pound-feet) to mirror the Concept XM. Needless to say, the M5 Touring is expected to be an xDrive-only affair, with the power transfer done exclusively through an automatic transmission.
Now that the M3 Touring is finally out and about, the long-roof M5's potential return would enable BMW to sell two fully fledged M wagons for the first time ever. Mercedes and Audi have been doing this for years with their C63 / E63 Estate and RS4 / RS6 Avant pairs, so it's high time for their archrival to follow suit.
Meanwhile, the next-generation 5 Series Sedan is scheduled for a 2023 release with gasoline, diesel, and plug-in hybrid powertrains, plus the fully electric i5. Speaking of which, the zero-emissions model is believed to get the more practical Touring treatment as well, but nothing is official at this point.