The last Chevrolet Camaro Z/28 overcame a very rocky road to get to production, but it ended up being one of the best performance machines to ever grace a Chevy dealership, not to mention a fitting sendoff for GM's race-bred LS7 7.0-liter V-8.

We've been salivating at the thought of a new Z/28 based on the lighter, more dynamic sixth-generation Camaro ever since the car made its debut, though sadly new rumors suggest the project has been canceled.

Muscle Cars & Trucks, the same outlet that last month reported of a cancellation of the seventh-generation Camaro, this time has reported that GM has put the kibosh on a new Z/28. The website reported the news on Tuesday, citing multiple anonymous sources.

The reason for the Z/28's demise? Allegedly it's due to a wider GM plan to free up cash for costly investments in EVs and self-driving technology, as well as to serve as a buffer for any potential downturn in the market. The plan has already seen GM drop some nameplates and shutter plants.

2019 Chevrolet Camaro ZL1 1LE

2019 Chevrolet Camaro ZL1 1LE

According to Muscle Cars & Trucks, the new Z/28 was to pack a newly developed V-8 code-named LT3. The engine, which has reportedly been canceled along with the Z/28, was to displace 6.6 liters and make power through high revs rather than forced induction.

It's not all bad news as Chevy is still offering the 650-horsepower Camaro ZL1 1LE, which is a highly capable track machine. There's also the new mid-engine C8 Corvette just around the corner, and it will reportedly feature multiple variants, one of which will almost certainly be a track weapon.

According to the original report on the demise of the Camaro, the current sixth-generation car will live on to 2023 (it was just updated for 2019). There will reportedly be only special editions and design packs to entice buyers in the coming years, however.

We've reached out to Chevy for an official comment, and will report back if we hear anything.