Though Toyota has not confirmed anything officially, Japan's Best Car magazine is reporting that the company plans to reintroduce the Toyota MR2 as a hybrid model called the MR-S to compete with Honda's upcoming CR-Z hybrid.

As Best Car reports, the vehicle will go on sale sometime after the CR-Z is released in 2010.  According to the report, the hybrid MR-S is likely to use a specially tuned Toyota Prius powertrain that would be pumped up a little to compete with the sportier CR-Z.

The image shown above is an artist rendering of a possible MR-S displaying rear air inlets that indicate the vehicle would hold true to its name by employing a mid engine layout.  The mid-engined, rear wheel drive, two seater has a loyal following and offers one of the best possible drivetrain layouts for a performance vehicle.

With a mid-engined layout, the MR-S could offer a balanced, neutral driving experience.  If weight is kept in check, the hybrid powertrain could suitably propel this small sports car into the front as one of the sportiest hybrid models made.

As noted above, Toyota has not confirmed this model.  But its possible existence will surely make MR2 loyalist happy.

Source:  Japan's Best Car Magazine via Carscoop