Only thing is, it probably won't be called 'Supra'.
Toyota clearly went through a drought period over the past several years. Since the discontinuation of the old Supra, MR2 Spyder and Celica, the Japanese automaker pretty much abandoned the sports car business (the Lexus LFA is the exception, but that's a rare supercar). But that's all in the past now as the GT-86 and Scion FR-S are now arriving in showrooms and chances are dealers won't be able to keep them in stock long enough to fulfill demand.
Yes, Toyota is clearly working to bring some excitement to their lineup and with enthusiasm going strong for the GT-86, Motor Trend is reporting that Toyota is now considering a proper Supra replacement. The idea originally started back in 2007 with the FT-HS concept, a supposed preview of what a new Supra could have looked like. Then the financial crisis hit and the project was stopped entirely. It appears now the project is back on and Motor Trend claims that it will likely be built on the same chassis as the GRMN MRS prototype.
The GRMN (Gazoo Racing Meister of Nurburgring) has already undergone extensive testing so it makes sense for Toyota to make use of it. However, it's unlikely that the new car will have the 'Supra' name. It may even have all-wheel-drive and will likely be powered by mid-mounted 3.5-liter V6 hybrid setup mated to a CVT. Again, nothing is official just yet and Toyota management hasn't given final approval for the project. Our guess is that it will be approved simply because Toyota could use a sports car priced somewhere between the GT-86 and the LFA. This new model could be on sale by 2015 with a price tag less than $60,000.