Speculation about a next-generation Toyota MR2 has been swirling around the web for what feels like an eternity, and now, yet another report has emerged from Japan alleging that the sports car could debut as early as the end of 2025 before hitting the market the following year with a 1.6-liter turbocharged three-cylinder engine.

If you haven’t been keeping track, over the years, we’ve heard rumors of Toyota exploring various directions for the next-generation MR2. These range from a pure electric model to the aforementioned Corolla GR-powered ICE version, and even the possibility of offering both alternatives, perhaps alongside a hybrid variant. That’s a lot to take in. And to just to make matters more complicated, late last year, Toyota presented an electric car concept called the FT-Se that resembled a future MR2 in just about about every way except the name. However, Japan’s Best Car has reported that Toyota is actually contemplating two different sports cars – a pure electric model based on the FT-Se for 2027, and a combustion-powered MR2 slated to go on sale in 2026. If you’re confused, there’s an explanation. The automotive industry is currently navigating a sea of constant changes, from shifting government regulations to evolving customer preferences. One day, it seems like everyone is going all-in on EVs, and the next, there’s a resurgence in promoting hybrids, and so on. It’s a dynamic landscape, to say the least. But hey, we love options, especially in sports cars and it makes sense for Toyota to hedge its bets.

Regardless of the direction(s) the Japanese company chooses to pursue, the launch of the Gazoo Racing sub-brand has revitalized Toyota in a major way and is no longer the boring nameplate it was in the mid-2000s. Given the success of the Supra’s relaunch, it is no surprise that Toyota is looking to revive another one of its iconic sports cars. In their latest report, Best Car focuses on the gas-powered MR2 that will maintain its predecessor’s mid-engine and rear-wheel-drive layout. Moreover, it says that according to their sources, it will keep the same 1.6-liter turbocharged three-cylinder mill as the GR Corolla and GR Yaris, capable of pumping out 300 hp and 273 lb-ft (370 Nm) of torque.

The magazine says that Toyota had been exploring various designs and shapes for the new-age MR2 over the past few years. Initially, the MR2 was proposed as a mid-engined hatchback, reminiscent of a modern Renault 5 Turbo. However, Toyota then decided that such a design would be too similar to the GR Yaris and has instead opted to make the new MR2 a low-slung, two-door sports car, just like its predecessors. The report goes on to assert that Toyota is still undecided on the shape of the car’s roof and rear decklid. One option is for it to adopt a similar profile to the original, first generation MR2 with a vertical rear window and a flat engine cover/trunk. The second option would be for a design more akin to the current Supra with a roof that flows seamlessly to the angled rear window that stretches back to the tail, a shape common among traditional sports cars.

Irrespective of the styling, the report indicates that the car will measure roughly 4,400 mm in length, 1,850 mm in width, and stand 1,230 mm tall with a 2,600 mm wheelbase. It’s expected to weigh around 1,300 kg and will be offered with both a six-speed manual and an eight-speed automatic transmission.