Grand Sport. It's one of the most storied monikers in Corvette's US racing heritage and it is returning the lineup. Chevrolet announced the new, 2010 Corvette Grand Sport for the American market at the 12th annunal C5/C6 Corvette Birthday Bash.

The new Grand Sport model combines the Corvette's LS3-based powertrain with unique, wide-body styling and a racetrack-bred suspension for a distinctive, starting grid-ready performer.

It is offered in both coupe and convertible body styles, with either a six-speed manual or six-speed automatic transmission. The LS3 6.2-litre engine is rated at 321kW and 575Nm of torque with the standard exhaust system. An optional two-mode exhaust system elevates the power ratings to 325kW and 580Nm.

The Grand Sport replaces the Corvette's previous Z51 package and brings a greater degree of handling performance, with wider wheels and tires; revised shock, stabiliser bar and spring specifications and specific gearing. The equipment enables cornering capability of 1.0g, as well as a 0.2-second improvement in 0-100km/h acceleration vs. standard LS3-powered models.

Grand Sport coupe models equipped with the manual transmission are uniquely outfitted for racetrack competition, too, with a dry-sump oiling system, differential cooler and a rear-mounted battery.

Its suspension package approaches that of the Z06, but includes a removable roof on coupes (Z06 has a fixed roof) and, of course, the availability of a convertible body style. Also, the paddle-shift six-speed automatic transmission is offered, while a manual transmission is the only choice with the Z06.

Envisioned by legendary Corvette engineer Zora Arkus-Duntov as a factory-built, lightweight and race-ready production model that would trump domestic and foreign road-racing competitors, the original Corvette Grand Sport was a promising idea stymied by GM's agreement to stay out of manufacturer-backed motorsports.

The planned 125 production models required for racing-class homologation were never built, but five prototypes based on the styling of the 1963 Corvette were hand-assembled under Duntov's watchful eye. And while they looked like production models, the prototypes were purpose-built racecars that shared little with their assembly-line cousins. Duntov also oversaw the Grand Sport engine program that featured a special, 377-cubic-inch small-block V-8 and used side-draft carburettors.

Although never officially sanctioned by General Motors, the five Grand Sport prototypes saw extensive racing experience throughout the 1960s in the hands of "private" racers who had strong contacts within Duntov's engineering circle. All five original cars are accounted for today and are among the most valuable in the collector market.

Chevrolet offered a limited-edition Grand Sport production model in 1996, commemorating the original racing cars and marking the end of the C4 era in Corvette production.

All of the 1000 examples were painted Admiral Blue and featured a white centre stripe and red "hash mark" graphics on the left front fender, a graphic scheme that mimicked the look of some of the original racecars.