Ferrari's first SUV will be part of a two-pronged approach to replacing the GTC4Lusso.

Last year, Ferrari boss Sergio Marchionne promised the company wouldn't follow its rivals into the lucrative SUV segment. "You'd have to shoot me first" were his exact words. The executive might have taken a bullet, because a new report finds Ferrari is in the early stages of developing its very first off-roader.

The model is called F16X internally, according to British magazine Car. It will take the form of a high-riding four-door with a sleek, fastback-like roof line. Don't expect the Prancing Horse to launch a tall, boxy truck like the Range Rover.

The SUV will be part of a two-pronged approach to replacing the GTC4Lusso, but it won't get a V12 engine. Instead, entry-level models will use a turbocharged V8 engine, while more upmarket variants will receive a plug-in hybrid drivetrain.

Ferrari hasn't commented on the report. If it's accurate, the F16X -- a name that probably won't be retained for production -- will make its debut in 2021, a year after the GTC4's replacement arrives. When it lands, it will need to fend off competition from the Lamborghini Urus and the Aston Martin DBX.

Pricing will start at about 300,000 euros, which represents roughly $342,000 at the current conversion rate. That's a hefty amount of cash, but insiders expect breaking into the off-roader segment will help Ferrari double its annual sales to 16,00 units.