UPDATE: The water-cooled 2013 Ducati Hypermotard has now been released by Ducati.

We have a sneaking suspicion that the 2013 Ducati Hypermotard 848 that has been spotted tramping about is going to be a very interesting motorcycle indeed; as from out perspective, Ducati seems set to consolidate the Hypermotard line into a single water-cooled model, while simultaneously offering a smaller-displacement multi-tasker that will slot in under the Ducati Multistrada 1200.

Our best view yet of the bike’s exhaust side comes from the folks at Moto Revue, as we see what looks to be a finalized exhaust can and a clear view of the HM848’s water-cooled Testastretta 11° motor. There has been tremendous confusion/controversy as to whether the spied machine is a new Hypermotard or Multistrada model, and the confusion is rightfully so, as the bike takes cues from both machines.