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BMW CEO Dr. Reithofer recently had this to say at a press conference:

“The new BMW 4 Series Convertible came out in March. In June, following the Coupe and Convertible, the third model in the new 4 series will be launched: the Gran Coupe. And for those customers who enjoy an even sportier drive, the M version will be available in September. Two further new M models are the BMW M3 Sedan and the BMW M4 Coupe, both available as of June.”
That would suggest that the BMW M4 Gran Coupe is currently under development. The news is a bit surprising since previous rumors suggested that the new model wouldn't have an M version because of its tailgate and the disadvantages it would bring from a structural point of view.
 
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