Turns out Italiaspeed had it right: the remade Lancia Stratos spotted on a Fiat test track in Milan is a coachbuilt one-off for a European client, and has nothing to do with Fenomenon. As the story goes, a certain unnamed industrialist asked Pininfarina – not Bertone, the Stratos' original designer – to pen a body with a traditional front end true to the icon.
Of several tips we've received on the car, one stated that the body would fit over a greatly-shortened Ferrari F430 chassis and retain the F430's V8, "so just like the original car it will try and kill you." Although this isn't the best news for anyone hoping for a Stratos revival, we can't wait to see this bespoke Stratos on display at some future show. Hat tip to Lindz.