The 'V. Bulgakov' is the work of former pilot Valery Bulgakov, 72, and though it looks rather cobbled together it does actually fly - albeit not very high or far.
It becomes airborne at 60 miles per hour but has a maximum height of just 10 feet and can fly a distance of only 600 feet.
The four-cantilever wing design is intended to make it safer in the air, and it takes around 20 seconds to reach flight speed.
While it was not designed for commercial sale or flight Bulgakov has patented his creation, which he showed off at the Autoexotics motor show in Moscow.
EasyJet won't be buying them in bulk just yet because Bulgakov didn't create it for that purpose. Instead, the V.Bulgakov is intended to be a cost-effective way to help train aspiring pilots to practise take-offs and landings.
The most high profile flying car to date has been the American-designed Terrafugia Transition, which was cleared for use on both roads and in the air in July last year.
It is scheduled to be released for sale as a Light-Sport Aircraft (LSA) in 2012 with an estimated price of $194,000 (£118,000).
It is road-worthy as a car and was designed to fit into the average garage space, but also has foldaway wings that saw it fly for 3,000 feet on its test flight in 2009.
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