The latest spy photo of Ducati‘s upcoming 848-engined model continues to muddle the debate as to whether the new motorcycle is a Hypermotard or a Multistrada.

The new model appears to blend elements of the two existing bikes with the liquid-cooled Testastretta 11° engine and an all-new frame. What will likely emerge is a new model with a couple of variations, a sport version and a touring version,

This latest picture (the one shown below the jump has been tweaked for better contrast and a bit of sharpening) reveals the new side-mounted exhaust design and Ohlins suspension. The wheels also appear different than the ones in the earliest spy photo which appear to have been borrowed from a Multistrada. The new wheels appear to be a three-spoke design with each spoke separating again into three.

Whether the new model is a Hypermotard 848 or a Multistrada 848 (Hyperstrada?), expect the official unveiling around November at the 2012 EICMA show in Milan.