Our spies speculate that power will likely come from a boosted version of Audi's 2.0-liter turbocharged inline-four – similar to the engine found in the TTS and S3. That means anywhere from 265 to 280 horsepower could be on tap in the Q5 S, and while that might sound sporty, keep in mind that the current Q5's naturally aspirated 3.2-liter V6 pumps out 270 hp.
If so, could this Q5 S merely serve as a replacement for the six-cylinder Q5? Maybe. Scroll through our high-res image gallery and speculate about the Q5 S for yourself in the comments.
UPDATE: Our spy photographers sent over some more information about the Q5 S, citing that it will not be powered by Audi's 2.0-liter turbocharged inline-four, but instead the supercharged 3.0-liter V6. Used in the S4, this engine produces 333 hp, which makes a whole lot more sense if a proper S-badged variant of the Q5 is indeed in the works.