Consumer Guide spotted a 2011 BMW 5-Series around the Chicago area in January. See pictures of the 2010 BMW 5-Series.

In the flesh, here's an exclusive early look at the next-generation BMW 5-Series. Slated to go on sale in a few months, BMW's premium-midsize model is redesigned for the 2011 model year. Consumer Guide spied this example around the Chicago area in January. We've also included a few factory images of the European-spec 2011 5-Series on the next page.

This badge-free factory test mule is riding on 17-inch wheels and likely has a 6-cylinder engine under the hood. The 5-Series launches as the 535i, with a 300-horsepower turbocharged 6-cylinder engine. Also available will be the 550i, which has a 400-horsepower turbocharged V8. Each will have rear-wheel drive. Due later in the 2011 model year are entry-level 528i models (with a 240-horsepower 6-cylinder engine) as well as versions equipped with BMW's xDrive all-wheel drive. A high-performance M5 version will likely debut for the 2012 model year with a higher-output version of the 550i's turbocharged V8. All 5-Series cars will offer the choice of a 6-speed manual or new 8-speed automatic transmission.

BMW will provide a wealth of available features for this latest 5-Series including a navigation system, a head-up display, adaptive cruise control, a rearview camera, and a Sport Package with handling-enhancing equipment.

Stay tuned for our review of the 2011 BMW 5-Series. For more information on new and upcoming models, check out our Future Car articles.