The outstanding quality of the Canarian sky, protected by law, makes it feasible to install the largest telescopes in the world at the observatories of the Instituto de Astrofísica de Canarias (IAC), which has promoted the design and construction of the Gran Telescopio Canarias (GTC). The GTC is a high-performance 10-m class telescope to be installed at the Roque de los Muchachos Observatory (ORM), on the island of La Palma. First light is planned for the end of 2002. The GTC conceptual design was completed in mid-1997. It emphasizes as the main scientific drivers image quality, operational efficiency and reliability. The GTC preliminary design is now proceeding in all aspects of the project. The Spanish and local Canarian Governments are now fully committed to the GTC Project. The scientific drivers are described here, as well as the current technical, managerial, and operational baselines.