Ever since Porsche Panamera was launched, we’ve been hearing rumors about a successor for the 928 based on this car. Porsche has apparently made up its mind and is already developing the new model.

According to Autocar magazine, the new 928 will be called the 929 and will be based not on the current Panamera, but the next generation of it which is due in 2014/15. The 929 will come as both coupe and convertible, while it’s possible for it to get a wagon version as well.

After all with Ferrari FF in the picture, Porsche may want its own estate-GT-supercar thingy.Porsche officials have confirmed they are eying a shooting break as a new variant to extend Panamera’s lineup.

The next Panamera platform will also underpin the third generation Bentley Continental.

We keep you posted on any updates as the story develops.