Yes, but Mini would need a platform partnership with another automaker.
A few years ago Mini unveiled the Rocketman concept and fans of the brand went nuts over it. For anyone who felt today's Mini Coopers are, ironically enough, too big, the Rocketman was just the trick to return the brand to its historic small car roots. This mini Mini, for all of the favorable attention it received, never made it past the concept phase. Now that the all-new third-gen Mini Cooper is here, there are apparently voices coming from within the automaker that would like to see the Rocketman project back on the table.
Why? Because the new Mini is larger than ever and there may be room in the market for something smaller. A Mini product boss has just indicated that despite still being on hold the Rocketman isn't completely dead. There's just no business case for it at the moment. Mini would need a partnership with another automaker in order to co-develop the platform. BMW, Mini's parent company, currently doesn't have a small enough platform and the price of developing it on its own is anything but cheap. More to the point: that investment wouldn't pay off for a single model.