While there has not been any official confirmation as yet, Instagram account Miller Motor Cars revealed an announcement was made during Bugatti's Grand Fete 110th anniversary celebration at its Molsheim factory.
The news doesn't exactly come as a surprise, as test sheets could be seen in Bugatti's promotional videos labelled "Chiron Super Sport".
Driven by Le Mans legend and Bugatti test driver Andy Wallace, the Chiron Super Sport clocked a maximum speed of 490.7km/h (304.8mph) at VW's Ehra-Lessien test track.
While not officially recognised by the Guiness Book of World Records as it was only completed in one direction, the German transport authority was on hand to witness and ratify the attempt. Customer cars will be limited, but Bugatti will reportedly offer an unlimited car to customers who wish to knock on the door of 500km/h.
The Chiron Super Sport develops more power than the standard car, a whopping 1177kW/1600Nm from its 8.0-litre quad-turbo W16, the engine shared with the limited-edition Centodieci revealed recently during Monterey Car Week.
Bugatti engaged the help of motorsport experts Dallara to tweak the Chiron's chassis and bodywork, resulting in an extra 25cm of bodywork at the rear which tapers heavily to reduce drag.
The longer bodywork also allow the stacked quad tailpipes to extend further out and reduce the effect of turbulent exhaust gasses. The standard Chiron's active wing and airbrake have also been ditched for a static setup, though it's unclear whether this will be the case for production cars.
While the record-setting car ditched the passenger seat and incorporated a full roll cage in the name of protecting Wallace, customer cars will receive a full interior and run at normal ride height, rather than 25mm lower.
It's an important moment for Bugatti, as having broken the 300mph barrier boss Stephan Winkelmann says it'll be the last top speed run the brand completes: "We have shown several times we make the fastest cars in the world. In the future we will focus on other areas."
Pricing is set at US$3.9m (AUD$5.69m), a 30 per cent premium over the standard Chiron, but expect all 30 examples to already be spoken for.