The Wraith is the fastest and most powerful Rolls-Royce ever introduced -- and it may soon be offered in a convertible version.

It’s a great time to be buying a luxury car, manufacturers unleashing an unprecedented product assault from the bottom to the top of the market. And at the upper end of the spectrum, even Rolls-Royce is getting into the game, the British marque announcing plans to introduce an all-new “open-top touring” model set to reach market about two years from now.

The BMW subsidiary isn’t saying much about what it has in store, but speculation is focusing on the lower end of its product range, the new convertible quite likely to be based on the Rolls Wraith, itself a spin-off of the maker’s Ghost line.

“I am truly delighted to confirm today the development of our new model which will open an exciting new chapter in the great story of Rolls-Royce Motor Cars,” proclaimed Torsten Müller-Ötvös, Chief Executive Officer of Rolls-Royce Motor Cars. “We are currently developing an exciting and thoroughly contemporary interpretation of a pinnacle drophead tourer which will introduce even more discerning men and women to Rolls-Royce ownership.”

Rolls has been ramping up the roll-out of new models in recent years, encouraged by the success of the Ghost which, in volume terms, has been its most popular model ever. The Wraith added a bit more sporty performance to the line-up, however, with a 6.6-liter twin-turbo V-12 that can punch out 623 horsepower and 590 pound-feet of torque – enough to launch it from 0 to 60 in about 4.3 seconds.

(Rolls considering options for a “proper” luxury SUV. Click Here to find out more.)

Rolls' current Drophead Coupe.

The British maker isn’t saying much beyond confirming the new model, though the brand’s Chairman Peter Schwarzenbauer does add that, “When it arrives in 2016, this elegant and sensuous new car will build on the success of our current models and will play a key part in fulfilling Rolls-Royce Motor Car’s commitment to long-term sustainable growth.”

What will it be called? It could borrow the nomenclature of Rolls’ bigger convertible, opting for Wraith Drophead Coupe, but the British maker has a rich heritage of names to draw from and could opt for some historical alternative, such as the Corniche, produced from 1971 to 1995. We’re less likely to see a return to the badge of the prior open-top model, however, the Silver Shadow Mulliner Park Ward two-door drop head coupe.

(Click Here for a first look at the new Mercedes-Benz S65 AMG Coupe.)

The Wraith brought back to life a nameplate first produced in 1938. The new model is quite a bit different from the original, featuring not only that big twin-turbo V-12 but some of the latest in high-tech features, including an 8-speed automatic gearbox that uses GPS to coordinate shifts as it approaches corners and climbs.

Much of that technology is expected to carry over into the new open-top touring model.

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