Production of the Toyota MR2 ended in 2007 after three generations, but Toyota is now planning to resurrect the model with a fourth generation set to debut in 2025.
Toyota has a history of collaborating with other companies to develop sports cars, and the new MR2 is rumored to be teaming up with Suzuki and Daihatsu.
The new MR2 may not have a Toyota engine; instead, it could use Suzuki's 1.0-liter turbocharged inline-three engine with power figures ranging from 120 to 150 horsepower.
There are also speculations that the MR2's drivetrain components might come from Porsche and Lotus, potentially resulting in a more high-end and higher-priced car version.
The MR2 is expected to offer a six-speed manual and a six-speed torque-converter automatic transmission.
Toyota aims to position the MR2 as the most affordable mid-engine sports car, with a projected starting price between $16,000 and $21,000.
It is speculated that a higher-performance version of the MR2 will be offered with the GR initials, akin to Toyota's other performance models.
The new MR2 might incorporate a mild-hybrid system to enhance power delivery, improve efficiency, and meet emissions requirements.
Rumors are suggesting that the MR2 may not be an entry-level sports car, and instead, it could be designed to compete with more powerful and expensive rivals like the Honda NSX.
The dimensions of the upcoming MR2 are anticipated to be compact, making it one of the most compact mid-engine sports cars on the market.