The Toyota MR2 is making a comeback. This isn’t the first time I’ve said those words, and it probably won’t be the last. After all, rumors about the MR2’s revival go back to as early as 2010, but when the 2020 Toyota Supra launched, things started to get a little out of control. We’ve seen a number of rumors since then, all of which were generally spawned from Tetsuya Tada’s desire to bring the three brothers back. Most of the rumors have been somewhat believeable, but this latest rumors tells of a story that would put the next-gen MR2 well above the Toyota Supra and, well, you’ve got to hear this.

Partnering Up, PHEV Status, and Around 400 HP – the Defining Traits of the Toyota MR2?

At some point, Toyota hinted that it was interested in partnering with Porsche of all companies to build a new MR2. That idea would have made sense especially since the MR2 was expected to be an electric sports car and Porsche is planning to build an electric 718. The first thing this new rumor touches on is exactly that: Toyota’s design to team up another automaker in the same way it worked with BMW to build the Supra and Z4 twins. According to the report, Toyota is negotiating with both Porsche and Lotus, the latter of which is also not surprising as it’s been speculated that the now-discontinued Elise could live on as the new MR2.

As the story goes, the MR2 would be powered by a mid-mounted V-6 that displaces either 2.8-liters or 3.0-liters, which would be paired with a PHEV system to generate a total output ranging from 350 to 395 horsepower. The project would reportedly be styled after the Alessandro Volta Concept from way back in 2004 and would have a starting price of around $52,760 at current exchange rates – putting it some $10,000 more expensive than the Toyota Supra and making the new MR2 the halo car of the brand.

As for when we’ll see the new MR2, the rumor say it could be revealed as early as 2024, which would indicate that the car has been in development for quite a while now, despite it not being much of a priority for the company, or so we were told. What do you think? Is there really a secret MR2 project happening and, if so, will it really be revealed within a couple of years?