Through the camouflage we can make out details that make us think this is a ZR1. The front of the car is fitted with a loose covering that hide a bulging hood and large air intakes at the corners of the bumpers. While this could simply be the upgraded Z06 that was recently announced, changes to the rest of the car lead us to believe Chevrolet has something more significant in the works.
Moving around to the side, we can see that the doors are bare and unpainted. This may indicate a move from fiberglass to carbon fiber. Even the Z06 still uses a fair amount of fiberglass, so a move to carbon would help reduce weight. Another notable detail is the blue brake calipers that can just be made out through the black wheels, which may be a nod to the C6 ZR1's blue calipers.
Around back, we can see that the car is covered with the typical sticky swirl camouflage seen on so many other test cars. While it appears similar to the Z06, the wide rear spoiler is missing. Instead the top of the bumper has two struts where a new type of spoiler would presumably attach. New aero would be needed if the car wants to match the 205 mph top speed of the last ZR1.
Rumors of a mid-engined Corvette have been around for decades. While there are still doubts whether or not the car actually exists, Chevrolet has been floating some interesting looking testers. The car we have here is obviously has the engine up front, but this car could be the front-engined Corvette's way of going out with a bang.