General Motors is currently developing the new Chevrolet Corvette C7 which will feature a small capacity, high-revving V8 boosted by turbochargers.
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That's right, the old American adage of 'there's no substitute for cubic-inches' may be about to change. According to international reports in contact with General Motors, the upcoming Chevrolet Corvette C7 will feature a small capacity V8 of around 3.0-litres and use two turbochargers to amp up power.

According to a GM source, the engine could rev as high as 10,000rpm - enough to have most Ferraris running away with their tails between their legs. Although official power figures haven't been released yet, rumour has it the engine will produce around 300kW.

General Motors has already revealed that the next model will be something "completely different" to the Corvette as we know it. Previous reports also speculated the idea that the new model might offer mid-engine dynamics, putting it in more direct competition to Ferrari as opposed to the current front engine/rear drive layout.

The idea of the old-fashioned 'big block' Chevs won't be completely swept into the bin though. Apparently large engines will still exist in some models at least as an option. The small V8 is likely to make its way into other GM cars such as the Cadillac CTS-V.

The Chevrolet Corvette C7 is expected to debut sometime in 2012. We'll keep you updated with any official word.