According to Car and Driver, Lamborghini is considering and is hoping to to produce both vehicles. As planned, the selected model will debut in 2013 - to celebrate Lamborghini's 50th anniversary.
If selected for production, the LM00X wouldn't have any competitors, while the Estoque would have to battle the Aston Martin Rapide and Porsche Panamera Turbo S.
[Via Car and Driver]