We've been telling you about the coming C7 Chevy Corvette for what seems like forever now. Will it be a mid engine layout (no)? Or will the formula remain largely the same for GM's performance icon (yes)? One thing's for sure, it is coming and soon, as these first spy photos of two Chevrolet Corvette prototypes caught in the wilds of northern Canada attest.

The all-new C7 Vette will reportedly hit the streets as a 2014 model -- likely in the fall of next year. Chevrolet recently launched special-edition anniversary packages and a 427 convertible model of the present C6 Corvette, making it clear that they are the last in a line of updates for the outgoing car. In preparation for the new C7, GM also announced that it's making a $131 million investment in its plant in Bowling Green, Kentucky, to prepare for assembly of the new Corvette. Almost every other detail on the new car, however, has so far been somewhat of a mystery, as GM continues to play its Vette cards close to the chest.

Two things are certain with the C7 Corvette. For one, it won't resurrect the split rear window design cue of the 1963 Corvette, as had been suggested by concepts such as the recent Sting Ray. The mule spotted here continues to use one solid rear window that slopes sharply into the decklid.

Second, it looks as though we can put to rest the rumors of mid-engine layout. From the spy shots, it seems clear that Chevrolet will stick to a front-engine design for the C7. Multiple executives have denied that the Corvette would reposition its engine, and the proportions of this mule suggest the engine is going to stay up front under the car's long hood.

In fact, unless GM is expertly hiding something, it looks as though C7 Corvette won't look drastically different from the current model. As on the current car, the new Corvette will feature a wide rectangular grille opening, a long and low hood, center-mounted quad exhaust tips, and generous rear haunches able to fit wide on the drive axle. A traditional coupe will likely go on sale first, almost certainly to be joined by a drop top version.

The new Corvette looks to be slightly longer in the wheelbase department, a move that will likely improve the car's ride-and-handling along the lines of the new, 991-generation Porsche 911, which also received a longer wheelbase in an effort to improve comfort and high-speed stability. In the Corvette, increasing the wheelbase might also marginally improve interior and trunk room.

Reports suggest the Corvette may use an aluminum spaceframe, with the body composed of a mix of carbon fiber and fiberglass. That would be expensive, but it would cut weight -- possibly below 3000 pounds in some models. Like all automakers, GM is looking to cut weight from its new cars, in part to improve fuel economy, and trimming mass will also no doubt improve the Corvette's dynamic performance.

The Corvette will certainly retain its signature V-8 engine, though it remains uncertain as to whether a V-6 engine also will join the roster. The V-8 mill will be an evolution of GM's small block design, with the fifth generation of the V-8 family adopting direct fuel injection for the first time. GM has already promised that the fifth-gen small block engines will produce more power and torque, while using less fuel than current engines; the company has invested about $1 billion in preparation for building the new V-8s.

The new Corvette V-8 will almost certainly continue to be a pushrod-based design, and may feature some sort of cylinder deactivation. There are indications it will be downsized to as little as 5.5 liters, compared to the 6.2-liter LS3 in the current base Corvette. Those moves would further cut fuel consumption, while retaining the car's signature eight-cylinder heritage and torque-happy nature.

Although many executives have denied it, there are hints that the C7 Corvette will also receive a single- or twin-turbocharged V-6 engine. That might strike the Chevrolet faithful as heresy, but doing so would help bump the Corvette's economy ratings so that GM could better meet stricter CAFE and emissions regulations. If such an engine is offered, it could be a version of GM's popular 3.6-liter direct-injected V-6. But don't place bets on a Corvette V-6 just yet -- such a model would be a hard sell to Corvette purists. Perhaps this engine will have to wait for the C8.

As to transmission choices, we're told the Corvette will score a new seven-speed manual transmission, again keeping up with the 2012 Porsche 911, which offers a new seven-speed stick. Despite rumors of an optional dual-clutch automated transmission, it seems more likely Chevrolet will stick with a regular automatic for the clutch pedal averse. GM is currently developing its next generation of full-size trucks, so it's possible that automatic transmissions could be shared between the pickups and the Corvette. Expect seven or eight forward speeds, up from six in current Corvette automatics.

Few details on the C7's suspension setup have leaked so far, leading us to believe there are no drastic changes. Chevrolet will probably endeavor to make the new Corvette somewhat easier for novices to drive quickly, while retaining the car's world-class grip and overall driving dynamics. Reduced overall weight and the aforementioned wheelbase stretch should help with this.

In the face of increasing oil prices and tightening government regulations, it's no secret that Chevrolet must make the C7 Corvette even more fuel efficient. At the same time, executives have made clear that they don't want the car to neglect the huge levels of performance and fun on which the Corvette has built its name. When the 2014 Corvette goes on sale in fall 2013, we firmly believe it will continue to be one of the best -- or perhaps the best -- best American-made sports cars available.