German automotive magazine AutoZeitung reports that Mercedes-Benz is truly planning to bring back the look of the fabled 300SL “Gullwing” model produced in the early 1950’s. According to the magazine, the car will slot between the upcoming SL model and the successor to the SLR McLaren. The SLR successor is being developed by Mercedes-Benz and its AMG unit.

The Gullwing successor will have a front engine. Like the original SL, it will have a tubular aluminum framework under the body. The engine will be the AMG modified 6.2 liter V-8 developing between 450 and 535 hp. The transmission may be either a variant of one of the current Mercedes transmissions or a new double clutch unit which sounds like an automated shift 7 speed manual.

The German report contradicts a report in the August issue of Automobile magazine that had pegged the car’s power output at 750 hp through the use of twin turbos. According to AutoZeitung, the management at Mercedes has explicitly rejected an engine that powerful and complex because it would increase the cost of the new model above its target price range.

Mercedes-Benz is being very overt about the nostalgia element of this new Gullwing. Not only do the plans include the trademark gullwing doors of the original 300SL, but even the interal code name for the new car is the same: W197.