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AN iconic, first-of-its-kind 'Japanese '80s sports car has been rumoured to be set for a comeback, 16 years after it was discontinued.

The brand behind the motor has already brought back one of its most beloved sibling models and now looks to be preparing for another resurrection project.

The Toyota MR2 is rumoured to be making a comeback after 16 years
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The Toyota MR2 is rumoured to be making a comeback after 16 yearsCredit: Alamy
The car was discontinued in 2007 but could relaunch within the next two years
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The car was discontinued in 2007 but could relaunch within the next two yearsCredit: Alamy

Toyota is reportedly working on an affordable two-seater sports car to be released within the next two years.

The project is believed to be an attempt to rival the Mazda MX-5, which has had a stranglehold on the budget performance market for years.

In an exciting twist Japanese motoring magazine  has reported that the new car could represent the relaunch of the legendary MR2.

Launched in 1984, the MR2 was the brainchild of the brand's design whizz Akio Yoshida.

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It was born out of a 1976 concept intended to create a motor which would prioritise driver enjoyment while remaining strong on price and fuel economy.

The result was a revolution, with the MR2 becoming the first rear-mid-engined production car in Japan, meaning the engine was located just behind the rear passenger seats.

The model was eventually discontinued in 2007 amid falling sales.

Toyota remains tight-lipped on the prospect of a return, but company chairman Akio Toyoda has done little to quell them.

The former CEO has previously spoken of his admiration for the so-called "Three Brothers" of Toyta - The MR2, Celica and Supra.

And in 2019, the company announced the return of the Supra, co-developed with BMW, which is on sale to this day.

Toyota's head turning GR Supra

There are already plans to launch an electric sportster based on its striking FT-SE concept unveiled last year.

However, the Japanese giant remains resistant to going electric-only, with the reported model apparently set to feature an internal combustion engine.

It has even been suggested that, given the two-year release timeframe, the reborn model could be announced as soon as the Tokyo Motor Show next October.

Regarding the commitment to petrol power, Masahito Watanabe, who heads Toyota's GR line, told : "We don’t want to give up.

"It’s not over just yet, because if you look at the internal combustion engine, there’s still hydrogen combustion that can be a part of that zero-emission line-up, so I think that’s going to continue."

Toyota declined to comment.

Company chair Akio Toyoda has made no secret of his love for the so-called 'Three Brothers' models
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Company chair Akio Toyoda has made no secret of his love for the so-called 'Three Brothers' modelsCredit: Reuters
One of the 'brothers', the Supra, was revived in 2019
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One of the 'brothers', the Supra, was revived in 2019Credit: Supplied
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