It’s looking like Porsche’s Ferrari 458-->ke3479rivaling supercar->ke177 may not be as far along as we had initially hoped. Internally designated 988 by Porsche,->ke1 it’s an enticing prospect. With a mid-mounted, 4.0-liter, eight-cylinder engine producing around 600 horsepower and 400 pound-feet of torque, it would be positioned above the 911, but priced significantly less than halo models like the Carrera GT and 918 Spyder.

But, according to a report from Autocar, the project, which was announced by Porsche boss Matthias Müller way back in 2011, hasn’t progressed passed the feasibility study phase. This doesn’t mean it’s completely off the table, but things seem to be moving very slowly. Instead, as Porsche is focusing on its current core lineup. A new Panamera,->ke1840 due in 2016, is the first order of business, followed by a new Cayenne,->ke212 and mid-cycle updates for the Boxster,->ke570 Cayman->ke5 and 911.->ke282 New engines and transmissions are also on the to-do list.

That last bit about the engines could be a crucial piece of information. It’s thought that Porsche is expanding its family of horizontally opposed engines. Rumors have been swirling for months now about an entry-level, turbocharged flat-four for the Cayman/Boxster twins. These engines will likely use the same architecture found in the current 911’s flat-six, which could also form the basis for a flat-eight specifically for the 988.

Click past the jump to read more about the rumored Porsche 988.

Why it matters

More cynical talking heads have been saying for years that Porsche has taken the 911 to its dynamic conclusion. By all the laws of physics, it shouldn’t work as well as is does with its antiquated rear-engine layout, but Porsche keeps proving the cynics wrong with each new generation. One thing we can say for sure is that the 911 isn’t going anywhere, but with the 918 all but sold out, so there will certainly be room in Porsche’s lineup for a Ferrari 458, Lamborghini Huracan->ke4345 competitor.

To say that we’re eager to see what a Porsche with a mid-mounted, 600-horsepower flat-eight will be like is a massive understatement. This is an uncharted market segment for Porsche, but the 988 has the potential to be something very special. We’re really hoping Porsche follows through with it, but we’re guessing Ferrari->ke252 and Lamborghini->ke44 are hoping the exact opposite.

Porsche 988