If you're a fan of GM's LS3 powerplant, it may soon be retired for a new base-engine in the Corvette line.

The GM Gen V engine development program is already the hot topic around Detroit. You'll see it in the new Corvette no sooner than the '12 model year, though it may take until '13 for GM to validate the Gen V engine series for the Corvette.

According to GM, "The next generation small block engine family will have unprecedented fuel efficiency through direct injection and an all-new advanced combustion system design. In addition to being E85 ethanol capable, these engines are being designed with the capability to meet increasingly stringent criteria emissions standards expected throughout this decade."