Hot on the heels of the Ferrari California launch, already a new test mule is spotted in Italy wearing an old F360 body. Besides the upcoming Ferrari hybrid not due until 2015, two possibilities come to mind of what this prototype might be – either the next generation F430 or a powertrain mule for the Enzo successor.

In the words of the spy photographer, “We where overtaken by a strange looking 360 while driving on the highway, and noticed that the exhaust pipes were missing from the normal place. After taking a closer look we found them in the middle - right under the license plate. We managed to snap some shots before it took off at a speed that we couldn’t follow. ”

Unfortunately no photos of the front could be taken, but the photographer recalls a slightly modified front bumper from the F430. Also from the photos we can see the side rocker panels are covered in black tape as well as the back glass to prevent anyone seeing into the engine bay.

Considered by many enthusiasts as the ultimate modern Ferrari, the limited-edition Enzo’s replacement will be a tough act to follow up for the Italian automaker. The second-generation Enzo, also named after the marque’s illustrious founder, promises to take performance – and, surprisingly, efficiency – to a new level.

Like the original Enzo, the car’s successor will be a range-topping supercar aimed at immortalizing the legendary founder of the brand. Available only to select current Ferrari owners, the next-generation Enzo will serve as the brand’s performance and technology showcase.

Based – at least in concept – on the Ferrari Millechili show car (though the production Enzo replacement won’t carry that name), the performance car will be loaded with the technology learned from years of Formula 1 experience.

Expected to be powered by a mid-mounted V8 engine, rather than the Maserati-based V12 that motivated the Enzo, power should easily exceed 700 horsepower. Though fuel efficiency is hardly a Ferrari selling point, the car must conform to more recent European Union standards, meaning a new emphasis has been placed on reducing consumption. It has been rumored that Ferrari will use twin-turbocharging to make the most out of a smaller-displacement (think under 6 liters) V8 engine.

Key to addressing the fuel economy issue is a significant weight and size reduction, which should bring the car well down from the just-over 3,000 lbs. of its predecessor; rumors out of Ferrari’s Maranello headquarters indicate that weight could approach 2,200 lbs. Improved aerodynamics, including adjustable front and rear spoilers, will not only help the new Enzo stick to the road at maximum speeds, but it will also ensure reduced fuel consumption.

Its platform could go one of two ways: Either a heavily-modified version of the FXX race car’s architecture – itself a variation of the road-going Enzo – or a slightly longer derivative of the F430’s aluminum space frame.

Production will probably be at least as limited as the original Enzo, meaning no more than 400 of the 1 million Euro-plus supercars will emerge from Maranello when it goes on sale in over a year’s time.