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What year is your Vette? Mine '98's is located on the driver's side and looks quite similar to yours and should be the air temp sensor! Look closely the wire lead could have come off and fell down by the pulley's and got chopped off!(hope not though!)
Are you getting any codes with this pup unhooked!
OR! perhaps it is the stocker and someone did the relocation recalibrated kit and left the stock one in the stock location instead of plugging it(which I did to mine! that is plug the left over hole!) and run the new one to the new location closer to the MAF!
that sensor is the outside air temp sensor and sits at the mouth of the rad shroud lower passenger side. You are confusing it with the IAT sensor(intake air) which is up by the MAF.
If you can see a temp sensor in that place it may have been replaced and that part is the one he may have lost.