Speculation about a so-called "cheap" Ferrari, slotted under the F430, has been circulating for some time and during last week's LA Auto Show, one of the presenters at the Ferrari booth sought to squash those rumblings.

Although he said there isn't going to be a "cheap" Ferrari, AutoExpress has come out with information that confirms that a smaller, less expensive Italian stallion is on its way.

What's being dubbed the 420 Dino will come equipped with a front-mounted, 4.2-liter V8, churning out 480 HP. The body will likely begin as a hardtop, with a targa or cabrio due within the first two years of the Dino's initial launch. However, AutoExpress reports that there's been some infighting between Ferrari and Pininfarina, regarding making the Dino a coupe-cabrio with a folding hardtop option.

Pricing will be set in the £82,000 to £90,000 range and sales are expected to begin in 2010. Ferrari hopes to produce between 3,500 and 5,000 cars annually, with their aim set on would-be buyers of the 911 Turbo and AM V8 Vantage.

Additionally, AutoExpress was able to confirm that this new addition to the Ferrari lineup would allow the F430 to move further upmarket (as if it could), by coming equipped with a new, 5-liter, 550 HP, V10 in 2008, then undergoing a full redesign by 2010.

[Source: AutoExpress]

UPDATE: For the record, we saw this on Winding Road's January issue and when we finally decided to post on it, they're intitial article slipped our mind. The information presented in both the Winding Road article and the AutoExpress piece is, for all intent and purposes, correct. And yes, the pics are photochops.