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I doubt BMW would design a specific engine for just the M3/M4. I expect BMW to develop a new line of engines that can be used in both M2 and M3 models.
The other question we can ask is why don't BMW put the S63 turbo V8 engine in the M3/M4. As long as the packaging / weight / durability / cooling issues are all ok, it would seem logical to me. Its definitely the cheapest option because the engine already exists!
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