The entry-level Corvette Coupe will use a direct-injection 5.3L V8 with fewer than 400 horsepower.

The Chevrolet Corvette has improved exponentially over the years, but it's also become considerably more expensive: the 2013 Corvette carries a base price of $50,595, putting it out of reach for many enthusiasts.

To make America's sports car accessible to a broader range of 'Vette fans, Chevrolet is planning a new low-cost model known as the Corvette Coupe, according to a Motor Trend report.

In place of the 2014 Corvette Stingray's 450-horsepower 6.2-liter LT1 V8, the Coupe will reportedly use a direct-injection 5.3-liter V8. A relative of the 5.3-liter mill that recently debuted in GM's new-generation pickups, the engine will likely produce fewer than 400 horsepower, although mileage should be improved over the larger LT1.

Chevrolet reportedly considered fitting the Corvette Coupe with a twin-turbocharged V6, but the mill didn't provide enough of a fuel efficiency benefit to make it to production.

Outside, a revised front fascia, front fender and rear diffuser will differentiate the Coupe from its more potent Stingray sibling (pictured above). No word on whether the Coupe will replace the standard model's removable roof panel setup with a fixed roof, as did the C5 Corvette Hardtop.

The Corvette Coupe is expected to land in showrooms in 2015. No pricing information has been released, but look for the entry-level 'Vette to start comfortably below $50,000.