The unveiling will coincide with the grand finale of the Ferrari Mondiali Challenge 2014, an annual racing event that is being organized outside of Europe for the first time in its 21-year journey.

Sources close to the iconic Italian luxury sports car manufacturer says the company has invited a select group of customers to test drive the 1050 horsepower prototype at the Yas Marina Circuit.

The renowned company, born in Maranello, would often say in the past that it would never build hybrid cars as it believed its cars emit fewer emissions. But the company was forced to embrace the technology due to stringent emissions regulations in Europe.

And the first hybrid car to come out of the company was the LaFerrari, which was unveiled early last year. The latest one though is even more technologically advanced.

Ahead of the FXX K's world premiere, the car manufacture issued a statement. The laboratory car is based on Maranello's first hybrid model and will grace the world's tracks from next year onwards.

"The K in its moniker is a reference to the 'KERS' (Kinetic Energy Recovery System). It adopts in maximizing its track performance," Ferrari said in a statement.

It added:"Unfettered by homologation and racing regulations, the FXX K will never be used in competition. I was, in fact, developed to be a completely uncompromising, incorporating technological innovations that will guarantee an unprecedented driving experience to the exclusive group of Client-Test Drivers with whom the Prancing Horse will roll out a test programme over the coming two years.

"The car's enormous potential is attested to by two significant figures: A total power output of 1050 cv (860 cv delivered by its conventional V12 engine and 190 by its electric motor) and maximum torque in excess of 900 Nm.

"The FXX K's 6262 cc V12 features new camshafts and a modified valve train with mechanical rather than hydraulic tappets. The intake manifolds have been redesigned and given a special type of polishing treatment. The exhaust system has been modified as its silencers have been eliminated."