There are two distinct possibilities, one where it is badged as a Corvette, and one where it is not. If they badge it as a corvette, it will be somewhat conventional in its engine choice. It will be Mid engine rear wheel drive, with An improved version of the Z06 engine, making probably 700+ hp. It will be badged as the New ZR1 ,or the ZoRa1 if they are feeling adventurous (probably not).

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Now, the second possibility is where my prediction gets bold, stuff of dreams really. It will be a entirely new nameplate, Like Zora, and it will have a Hybrid electric system with batteries derived from the Volt. The engine here doesn't need to be a V8, as it isn't a Corvette, so a turbo V6 is possible, probably a hopped up CTS Vsport engine. Its going to basically be a NSX/ GT competitor, and it will be amazing.

We will probably see it at next years Detroit autoshow, so much more may be reveled by then.