It ‘s been reported previously here and elsewhere on the web but last week the M Division once again stated that they had no plans to develop the current Z4 into an M product. And it makes sense with the amount of work ahead of themselves (X5 M, X6 M, M5, M6, 1 Series Supersport and the next M3) they have no shortage of products to fill the gap.
So for those waiting and hoping for the return of the M Coupe or Roadster, you may want to start looking in the classified section for low mileage used examples.