BMW will be making a special 175bhp version of the current 2.0 petrol engine. It will ditch valvetronic in favour of a conventional throttle system.
The engine will be sold in a four door 320Si, due in he UK around April. This is being done for homologation purposes (they did something similar with the E36).
There is also talk of a lightweight two door and booted version of the one series with the same engine, in the spirit of the E30 //M3. Time will tell.