The rumor mill has once again reawakened with the possibility of a Toyota MR2 revival. Toyota hasn't confirmed this itself, but it would give the Japanese brand another sports car to join the GR86 and GR Supra. But it seems that Toyota Gazoo Racing is working on a sports car of an entirely different kind. While Toyota has been slow to electrify its lineup, Japanese magazine Best Car Web has reported that the company is considering the development of a new electric sports car that could launch in 2026. More than this, the Toyota EV could be developed in tandem with a racy Mazda featuring a rotary engine.

Mazda's respected but inefficient rotary engine was last used in the RX-8 around a decade ago, although a rotary that acts as a generator is expected to be used for the upcoming MX-30 plug-in hybrid. The rumored Mazda sports car, something of an RX-7 successor, will also use the rotary engine as a range extender. Of course, developing the cars together would save on costs for both brands.

As for the rumored Toyota electric sports car, that will be a pure EV. Development of this model has reportedly begun "under the GR brand". However, the design of Toyota's new sports car will be different from the GR-badged EV teased last year.

As with any other electric sports car, both Toyota and Mazda's new entrants will have to find a way to balance the weight of the batteries with the agility and finesse that enthusiasts love so much in gas-powered models like the current GR86 and MX-5 Miata.

Allegedly, the Toyota electric sports car will have two seats and dual motors making around 493 horsepower. That suggests something closer in size to the Supra than the GR86, as even the hottest Supra only makes 382 hp. With an entirely new all-wheel-drive system, this could be Toyota's quickest production sports car ever.

Best Car Web further went on to say that the new Toyota will use solid-state battery technology that promises a much better range and reduced charging times. We've known for some time that the Japanese marque has been working on solid-state batteries which will also be used for its hybrids.

The rumored 2026 reveal means that the new electric sports car could replace the current GR Supra entirely, as the Supra would be due for a replacement around this time anyway.