Ferrari officials have consistently denied rumors of a new entry-level Ferrari but recent spy shots of a heavily camouflaged car caught testing in Fiorano last month and the registration of the ‘GT California’ name back in October suggest otherwise. Latest reports claim the car will be unveiled at the Paris Motor Show in October and will eventually go on sale early next year with a price tag of about $190,000.

An inside source has confirmed the car’s existence to AutoWeek, revealing it will be a 2+2 GT with a front engine layout. The source also claims the new car’s engine will debut Ferrari’s direct-injection technology as well as a metal folding hardtop built by Pininfarina.

The car’s new engine, codenamed F136Y, will have a capacity of about 4.3L but will share only its engine block with the current 4.3L mill in the F430. New elements include unique injection rails, intakes, cylinder heads and valvetrains as well as a new type of throttle body.

Ferrari’s production lines are already near capacity so to accommodate the new model an additional line will be set-up at the Maranello plant, however much of the car is expected to be built at Pininfarina's assembly plant too.