Radical new design to be aimed at foreign supercars, with price tag to match.

General Motors is allegedly on track to finally introduce a mid-engine Corvette for the 2017 model year.The C8 generation is expected to be introduced as the ZR1 Zora, consistent with a recent trademark filing and an apparent reference to the late GM engineer and Corvette pioneer Zora Arkus-Duntov, according to a Car and Driver report.

The mid-engine layout is viewed as a necessary jump as GM engineers continue to improve power output and performance specs. The iconic sports car can also take on a new shape aimed directly at foreign supercars.

The company is expected to carry over the existing engine lineup, albeit with necessary upgrades for increased horsepower and torque. Boosted six-cylinder variants and a hybrid model are said to be under consideration in the long-term.

The latest report suggests the C8 ZR1 will initially be limited to approximately 1,500 units annually, each carrying a price tag around $150,000 and sold alongside the C7 lineup.