According to the latest reports from Japan’s Best Car Magazine, it appears that the acclaimed Toyota Subaru FR Coupe will finally be revealed at this year’s Tokyo Motor Show along with a new sport model, possibly the Toyota Supra successor.

The FR Coupe (code name: 086A) developed in partnership with Subaru will be a competitor for the upcoming Honda CR-ZX. There is also a possiblity that the 086A might carrying some hybrid technology.

A “Toyota insider” at Toyota R&D has supposedly spilled a few more beans to 7Tune and revealed that the upcoming Toyota compact sports car, codenamed 086A, will offer lines that look similar to the current Lexus LF-A prototype as seen at the recent Nürburgring 24 Hour endurance race.

The Toyota insider has apparently been sitting on this information for quite some time and has only now decided to come forward with it after seeing conflicting information in the Japanese press about two different body styles being tested. The insider claims he has seen the 086A and is adamant that only one body style will be offered and that body style will differ only very slightly between the Toyota and Subaru versions, such as the front grille, head/tail light treatment and badges.

When the insider was asked about the appearance of the 086A, he clearly pointed out that it will be lower and wider than the old ZZT231 Celica and will have an “standard 2+2 coupe style, with a shape similar to the Lexus LF-A”.

The renders above show what the 086A could look like with lines similar to the Lexus LF-A.

Toyota/Subaru Compact FR 086A Specifications
Engine: EJ20 Direct Injection Gasoline 4 Cylinder
Capacity: 1994cc
Power: 200PS
Torque: 20.0kg/m
Transmission: 6-Speed Manual
Wheelbase: 2470mm
Total Length: 4200mm
Total Width: 1750mm
Total Height: 1300mm
Weight: 1200kg
Estimated Cost: 2,000,000 JPY

We’ve heard all this before about Toyota and Subaru joint effort to build an FR Sports Coupe. But now, we now have stronger proof than ever that Toyota is getting back into the affordable sports-coupe game. This front-engine/rear-drive 2-door will reincarnate the spirit of the 1983–1987 Corolla AE86, a car that’s still popular today, especially among drift enthusiasts. According to Best Car magazine, Toyota’s code name for this future sports car is 086A. That it’s so similar to AE86 is no coincidence.

Toyota is partnering with Subaru to bring this project to reality. In fact, most of the engineering seems to be coming from the company known for its all-wheel-drive rally cars. Powering the future coupe will be Subaru’s 2.0-liter flat-4 equipped with a new direct-injection system, tuned to produce an impressive 200 bhp and 145 lb.-ft. of torque. We predict the car will weigh about 1225kg, so expect fairly quick acceleration times, probably around 6.0 seconds to 100km/h. The suspension will consist of MacPherson struts up front and a multilink setup at the rear, with the chassis based on that of the Subaru Impreza and Legacy.

Toyota will mainly be in charge of the car’s styling. Although both Toyota and Subaru versions will be offered, the two models won’t look much different, apart from badging wise. The car is scheduled to appear sometime in 2011 or 2012. If this future car truly is a reincarnation of the AE86, Toyota and Subaru will have a big hit on their hands.