Cagiva has been working on a larger street version of their "Mito" sportbike for a while now, and it's been thru a a variety of configurations.
For those who don't know, Cagiva is the parent company of MV Agusta, and a few other Italian motorcycle/scooter companies.
It seems that the project is still slowly moving ahead, and it's looking like the new Mito will be a 650 twin, with an engine based on the Hyosung(United Motors) clone of the Suzuki SV650 powerplant. A v-twin 650, with 79hp.
The development project is said to be slated for production in India, and all the companies involved have some presence in India already.
This would help to keep the costs down too.
The bike bears a striking resemblance to the Ducati 916, and that is because it was designed by the same person, Massimo Tamburini, who designed the Bimota, the Ducati 916,996,998, and the MV Agusta current lineup. The "grand master" of motorcycle design, himself.
It may be a couple of years before this bike actually gets into production.
Here's a pic of the older 500 Mito, and the 650 v-twin should look about the same.