The Bugatti Veyron is the gold standard for supercars. There are but a few cars as fast and none as opulent or expensive as the seven-figure exotic. According to Autocar magazine, Porsche may be getting ready to go head to head with Bugatti using a roadgoing version of the Le Mans racer it is currently developing. Dubbed the GT1, the uber exotic will produce 950 bhp and hit a top speed of 254 mph, a couple clicks over the Veyron's best effort of 252 mph.

The GT1 could be view as a replacement to the recently cancelled Carrera GT, as it will use a modified version of that car's carbon fiber chassis but be skinned with a different body and feature a closed cockpit. The GT1's prodigious amount of power could be produced by either a modified version of the Carrera GT's V10 or a turbocharged version of the Cayenne's V8 with a larger displacement.

PistonHeads reports that Bugatti is already working on a faster Veyron, so Porsche better step on it before Bugatti moves the target.

[Source: Autocar via PistonHeads]