A novel test of time-reversal invariance in proton-deuteron scattering is planned as an internal target transmission experiment at the cooler synchrotron COSY. The P-even, T-odd observable is the polarization correlation $A_{y,xz}$ of the total cross section measured using a polarized internal proton beam (polarization $p_y$) and an internal polarized deuterium target (tensor polarization $p_{xz}$). Measuring this observable is a true null test of time reversal invariance and therefore allows to reach a high accuracy. Sufficient luminosity can be obtained using a window-less storage cell placed on the axis of the proton beam. Tensor polarized atoms are produced in an atomic beam source based on Stern-Gerlach separation in permanent sextupole magnets and adiabatic high frequency transitions. The total cross section correlation is measured by monitoring the beam transmission in the COSY storage ring mode of operation. The proton beam momentum will be in the range 2-3 GeV/c. This momentum is ideally suited to test possible short range contributions, i.e. natural parity charged $rho$-type and unnatural parity $a_1$-type meson exchange contributions. The feasibility of the experiment, systematic errors and the expected accuracy are discussed.
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