"Blue Devil," will be called ZR1

Oct, 01 2007 SSCC News and InfoCorvette Info
Todd Lassa, Detroit Editor for Motor Trend reports - "Chevrolet's 650-horsepower Corvette, developed under the codename "Blue Devil," will be called ZR1.
That badge will appear on the January 2008 Detroit show car, and on the production version set to go on sale later next year as a 2009 model. GM has been developing this car for several years, using a supercharged version of the new 6.2-liter small block V-8 used in the 2008.
GM also considered such names as Z07 and Super Sport for the ultra-low-volume car. Price will be much higher than the 505-horsepower Z06, and Chevy will continue production of that car when the ZR1 launches."
When it arrives in showrooms next year, the much-rumored "Blue Devil" Corvette will be sold as the 2008 Corvette ZR-1, according to a new report. The move would mark the revival of a classic GM badge.
Other names rumored for the range-topper included "SS," "Sting Ray," and "Z07." 
Featuring a supercharged version of the new Corvette's 6.2-liter V8, the ZR-1 will deliver somewhere between 600 and 700 hp, GM executives have said. It will be the most powerful and most expensive Corvette ever.
"This thing has so much power […] We’re really into a speed and power realm that General Motors has never been in before. We’re way up there with Porsche Carrera GTs and Ferraris.” Vice President Bob Lutz said in April.
While the ZR-1 name has not been officially announced by GM, Motor Trend sources claim the badge is now official. The new 'Vette is expected to show up at the 2008 Detroit auto show.
It's not clear whether the "ZR-1" name will contain a hyphen or not (ZR1). GM has used both variations over the years, although ZR-1 has been both more common and more recent.