The goal of the NASA/NASDA GLobal Precipitation Mission (GPM) is to provide frequent global rainfall observations, using a satellite cluster based on a 'core' platform and a number of 'drone' satellites large enough to provide a repeat observation cycle of about 3 hours. ESA has proposed a contribution to GPM in the form of a drone satellite, with a scheduled launch foreseen by 2007. The 'E-GPM' Drone satellite is currently studied within the frame of the ESA Earth Opporutnity Missions Program, and involves many innovative aspects, among which are: (i) a 5 band, 13 channel conical scan radiometer, operating at 18.7, 23.8, 36.5, 89 and 157 GHz for rainfall water content and ice content estimation of the atmosphere; (ii) a Nadir pointing Precipitation Radar embarked in order to enhance the overall accuracy of precipitation estimates, operating at 35.6 GHz. The radar will provide high quality estimates of vertical profile precipitation; (iii) an implementation on a small satellite based on Alcatel's multi-mission PROTEUS Platform, already flying with the JASON altimetry satellite launched in 2001. This presentation summarizes the definition of the E-GPM satellite, from the scientific requirements to the satellite and instrument design, performance, and budget.