This has been a long time coming. We’ve been waiting for the supercar out of the Audi camp for some time now and it seems like all the rumours and speculation are finally coming to fruition with the Audi R8.

Word on the street is that the car will make use of the same V10 from the VW/Audi-owned Lamborghini Gallardo, or at least some variation of the V10 powerplant to harness in about 500 horses. What’s more, with an estimated sticker price of around £80,000 ($144,000) it will be priced significantly cheaper than the Gallardo and is set to compete directly against the Porsche Carrera 4S (which is less expensive than the proposed R8′s asking price). A cheaper version of the R8 based on the RS4’s V8 is said to be in the works as well.

This news is a little odd, however, given that all three automakers – Audi, Lamborghini, and Porsche – are intertwined. VW owns both the Audi and Lambo brands, but interestingly, Porsche has as much as a 20% interest in VW (the similarities in the Toureag and Cayenne are unmistakable).

For a full unveiling of the Audi R8 supercar, we’ll have to wait until September at the Paris Motor Show.