Indications for the production of a neutral excited hyperon in the reaction pp -> p K^+ Y^{0*} are observed in an experiment performed with the ANKE spectrometer at COSY-Julich at a beam momentum of 3.65 GeV/c. Two final states were investigated simultaneously, viz. Y^{0*} -> pi^+X^- and pi^-X^+, and consistent results were obtained in spite of the quite different experimental conditions. The parameters of the hyperon state are M(Y^{0*})= (1480 +/- 15) MeV/c^2 and Gamma(Y^{0*})= (60 +/- 15) MeV/c^2. The production cross section is of the order of few hundred nanobarns. Since the isospin of the Y^{0*} has not been determined here, it could either be an observation of the Sigma(1480), a one-star resonance of the PDG tables, or alternatively a Lambda hyperon. Relativistic quark models for the baryon spectrum do not predict any excited hyperon in this mass range and so the Y^{0*} may be of exotic nature.
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