We've been told on various occasions that there will be no M version of the latest Z4. Something about poor economic conditions or something like that. But that hasn't completely stopped development on a hotter Z4.

This image was spotted lurking around the Nurburgring recently and it shows signs of a few mild tweaks that indicate BMW is working on some kind of enhanced sport package for the hard top convertible.

A deeper front air dam, reshaped rear fascia and a more aggressive set of wheels and tires are the most visible modifications. Whether there will be any upgrades under the hood is debatable. Seems like it would be cushy to turn up the boost on the twin turbo six, but that would also make for a far more complicated project, exactly the kind of capital intensive project BMW was trying to avoid.