Our spy photographers have once again caught up with Porsche’s upcoming 2011 Cayenne SUV and it appears that we’ve spotted the new model with an inch or two less camouflage. Volkswagen’s board has reportedly vote to eliminate the Cayenne from Porsche’s lineup, so the 2011 model could be the last all-new iteration of the high-performance SUV.

The exterior follows in Porsche’s philosophy of evolutionary design, but from the spy pictures – it appears clear that the new model features a much sleeker appearance than the current Cayenne.

With a redesigned interior, following Panamera cues, the 2011 Cayenne sports a new and longer center console and a repositioned shift-knob. Overall, nearly everything has been freshened and tweaked, including placement of the center air vents, sportier gauges and a new steering wheel.

While we can’t say for sure what model is being tested in these shots, the new Cayenne should boast a variety of gasoline, diesel and hybrid engines. On the petrol side, we can expect the 2011 Cayenne S to come with the Panamera’s 4.8-liter V8 engine that delivers 400-hp, while the top-of-the-line Cayenne Turbo should be powered by the Panamera’s 4.8-liter biturbo V8 with 500-hp.

In the diesel models, we’re guessing the current Volkswagen V6 TDI engine, which produces 240-hp, to carry over to the next generation with some minor improvements.

Considering that Porsche’s first Cayenne S hybrid will appear as a 2010 model, its hybrid powertrain should carry over to the 2011 Cayenne virtually unchanged. Power for the hybrid comes from Audi’s supercharged 3.0-liter V6 engine that produces 333-horsepower, connected to a three-phase synchronous electric motor which receives power from a 38 kW NiMH battery that resides in the spare tire well.

The new Cayenne is also supposed to adopt a more street focused setup, which means some of the current model’s bulky off-road equipment could be dropped in order to make the new one more Porsche-like. Audi took a similar approach when they introduced the Q7 and that model has received rave reviews for offering a decent driving experience despite its large size.

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