This has brought about a frenzy of rumours around the world speculating that the new model will sport an all-new mid-engine layout.

If the rumours are true, it will be the first ever mid-engined Corvette in history, representing a significant departure from the layout of traditional Corvettes which have always showcased a front-engine, rear-wheel drive format. Reports suggest even though this will shift the heritage of the car, Corvettes have always been regarded as a bit of a test bed when it comes to stretching GM’s engineering.

A mid-engined layout would allow the new model to match the European hot shots more equally, on paper at least. The current C6 ZR1 Corvette has been known to put some of the most highly regarded supercars through their paces on the track, even lapping the famous Nurburgring in Germany in 7:26.4 – faster than the Ferrari 458 (7:32.92) and the 997 Porsche 911 GT3 RS (7:33).

GM North America president, Mark Reuss, has expressed that the new Corvette will be a true international competitor in the high-end sports car market. Specific details have been kept under very tight wraps.

As far as the bodywork goes, the next-generation C7 Chevrolet Corvette could feature the split rear window design last seen on the 1963 ‘Vette, although this is also a rumour.

We’ll have to wait and see to know for sure. The C7 Chevrolet Corvette is said to hit production in 2013. Stay tuned.