The Global Certification Forum (GCF) just approved another Samsung handset which is said to be an Android version of Samsung's Corby feature phone. According to the GCF, the GT-I5500 features quadband GSM/GPRS/EDGE as well as dualband UMTS/HSDPA at 900/2100 MHz, while HSUPA is left. Furthermore, the WiFi Alliance approved the GT-I5500 earlier this month and unveiled that it will support WiFi b/g/n. It's yet not confirmed that the GT-I5500 will be a budget Android 2.1 smartphone but all we have is the word of mouth from the Internet. However, you really have to wonder how many budget Android smartphones Samsung need because the recently approved GT-I5800 and GT-5801 are also expected to run on Android, sporting similar wireless specs.
As always, there's no official information or confirmation available from Samsung.
UPDATE: Phandroid has just spotted the Samsung GT-I5500, which is also called Galaxy 5, at Google's current I/O conference and it's indeed a kind of Samsung Corby entry-level Android smartphone. According to the photo, it can be expected that the GT-I5500 will hit Italy because the device is sporting the TIM logo.
Cheers ~ Arne