These spy photos would sure suggest so. BMW currently offers the chunky X5 with 272hp 3.0L or a 355hp 4.8L, but with styling more aggressive than even the recently announced X5 4.8i M Sport these photos indicate that BMW might have its sights set on the Porsche Cayenne Turbo.
The next step up in BMW's arsenal of engines would be the 760i sourced 6.0L V12 producing a Cayenne threatening 468 horses. However, with 6.0L V12 beginning to show its age, and the rumor mill running at full production, talks of a twin turbo V8 and perhaps even a twin turbo V12 have begun to surface in the BMW community.
This certainly wouldn't be the first ultra-high performance X5 to come out of BMW. In 2000 the company pranced out a one off 750hp experiment dubbed the X5 LeMans which, perhaps fortunately, was never available for sale.