This might be the Camaro the world has been waiting for

The Chevrolet Corvette Z06 is perhaps the most incredible car to ever emerge from General Motors.

One of its greatest strengths is the 6.2 liter, supercharged LT4 small block V8 lurking beneath its hood.

The world-class beast of a motor is so good that fellow GM stablemate Cadillac is using the LT4 to power its CTS-V super sedan.

Now there's another place you'll find this incredible engine - under the hood of a Chevy Camaro.

Chevrolet announced today that the 2017 Camaro ZL1 will be powered by a 640 horsepower version of the LT4 V8.

The ZL1 is the closest a Camaro has ever come to supercar territory. It might sound preposterous, but it isn't.

In addition to the 640 hp, the ZL1 comes track ready with magnetic fluid-filled dampers, electronic limited slip differential, Performance Traction Management and a custom launch control system.

Just a few years ago, this kind of equipment was reserved for the Ferraris and Porsches of the world.

Now it's on a Camaro.

"The Camaro ZL1 is designed to excel at everything,"General Motors' head of product development Mark Reuss said in a statement. "It's a 2+2 coupe offering incredible performance with the highest levels of technology."

"It will compare well to any sports coupe, at any price and in any setting."

In addition to the standard 6-speed manual shifter, the ZL1 will be available with a new 10-speed automatic transmission. That's right. 10 speeds! Although Ford and Honda have also been working on the tech, this is the first time we've seen a 10 speed available on a production sports car.

Chevy has also put the Camaro on a diet and is now 200 lbs lighter than its predecessor.

Although GM has yet to announce the performance figures for the ZL1, it will likely be on par with its platform mate - the CTS-V - which can sprint to 60 mph from a standstill in about 3.5 seconds. As for top speed, Cadillac claims the CTS-V can reach 200mph and, depending on the ZL1's aero package, we would not be surprised to see it top out in the same neighborhood.

The 2017 Camaro ZL1 is expected to reach showrooms by the end of the year. Official pricing for the car has yet to be announced.