Staff from Instituto de Astrofisica de Canarias, Lund Observatory, Physics Department and Larmor Research Institute at Galway, and Tuorla Observatory is collaborating on studies for a 50 m optical and infrared telescope. The telescope concepts are based on the work on extremely large telescopes carried out during 1991-2000 at Lund Observatory, and on the experience from the 10.4 m segmented Grantecan telescope presently under construction. The proposed 50 m telescope is a fully adaptive Nasmyth telescope with a Ritchey Chretien configuration. It will have an aspherical, segmented primary mirror with 2 m large segments and a deformable secondary. Adaptive optics will be implemented in several steps. From the beginning, there will be single-conjugate adaptive optics for the K-band. Next, and within the first year of operation, the telescope will have single-conjugate adaptive optics for visible wavelengths. As a third step, and another year of operation, dual-conjugate adaptive optics will be made available for the K-band. The telescope will be housed in a co-rotating enclosure at the Roque de los Muchachos observatory on La Palma. Further studies are in progress aiming at preparation of a proposal during the first half of 2002.