Yes it is, this is a render of small popular urban Fiat 500 with monstrous Ferrari V8 engine.
It was designed by Lazzarini Design and the company is seeking for an investor who would invest $550.000 for the real life production of this very interesting idea.
it is based on standard 500 and as it's visible to any non-car fanatic, it has beed changed dramaticly. It has completly new wide aerodynamic body kit with air intakes to cool down the massive V8 engine in the back. The chasis has been reinforced to cope with that kind of power and it has new big rear wing.
Here comes the fun part, the engine specifications. It is powered by Ferrari V8 engine, 4.5-liter to be exact with 550 HP. It is the same engine as in Ferrari 458 Italia. In Ferrari this engine develops 570 HP and it has been slightly detuned for 500 for better traction.
It all depends if the Lazzarini Design will be able to find sponsor to realise this project. It most certainy would be interesting to see it in real life.
Source: wordlcarfans.com Nik Pakiž, DragonForce