Click to view the Scuderia Bizzarrini P538 in hi-res

Any day with a new Italian supercar is a good day. Today, then, is such a day, brought to you by one of the most stoic names inside or outside the business. Those in the know will recognize the name as belonging to Giotto Bizzarrini, the sportscar guru whose career brought him to the likes of Ferrari, Lamborghini, Alfa Romeo and Iso. Among his most famous creations were the iconic Ferrari 250 GTO and the enduring Lamborghini V12 whose latest evolution can still be found in the Murcielago and Reventon. In the 1960's Bizzarrini went independent and built, among others, the original P538S. Although it didn't do very well at Le Mans – spinning at the start of the 1966 running and failing to start in '67 – the P538S gathered a following as one of Bizzarrini's greatest designs.

What you see above is a modern interpretation of that legendary vehicle. The new Scuderia Bizzarrini P538 borrows its chassis from the Galmer Arbitrage GT, the wicked-looking Thai supercar we brought you nearly two years ago. Like the Arbitrage, and following the spirit of the original Corvette-powered P538S, the new Bizzarrini prototype is powered by a mid-mounted Chevrolet LS7 V8. Bodywork is suitably stunning, looking something like a cross between a Lotus, a Koenigsegg and a Porsche Carrera GT, but with its own unique flavor. Although it does not seem that Giotto Bizzarrini was involved in the project himself, he is said to have given his approval.

This isn't the first effort to revive the Bizzarrini name since the company folded in 1969, but if it actually rolls into even limited production after its official unveiling (scheduled for this month at Italy's famed Nardo high-speed test track) this month, it may succeed where other efforts – including the 1998 Kjara hybrid sportscar and the GT Strada 4.1 concept shown at Geneva '05 – previously failed.

Check out the image gallery to view 25 computer renderings of the new concept. Thanks for the tip, Ketan!

Related GalleryScuderia Bizzarrini P538

[Source: DieselStation and Scuderia Bizzarrini]