Update: Well, that didn't take long -- Toyota tells us that the driver in the above video was "not an official representative of Toyota," noting that he does "not have the authority to speak on behalf of Toyota" and that he was "probably just reiterating what he's heard" in other automotive publications. Toyota's rep added that there are "no surprises" on the North American auto show circuit this year. We remain hopeful that there's a new Supra in the works, and we'll be sure to bring you any news as it becomes available.

We’ve been hearing about a supposed Toyota/BMW hybrid sports car partnership for quite a while now, and drooling over the Toyota FT-1 concept -- perhaps the starting point for a revival of the legendary Supra name -- for months now.

The above video seems to confirm both the BMW partnership and the hot Toyota. Posted by YouTube user and ft1club.com forum member Godeepgts11, the video shows an otherwise standard hot lap in a Lexus RC F -- until the topic of Supras comes up. That’s where it gets interesting.

“When that new Supra comes out, that should be pretty neat,” states the driver, casually confirming what we’ve all been hoping for since the Detroit auto show debut of the FT-1 concept.

Other details we gleaned from the brief exchange, which starts at about the 2:10 mark in the video:

-The car will have a “BMW chassis, so it should be pretty good.”

-And “I hear that they’re gonna use the [upcoming new] Z4 frame.”

We've contacted Toyota representatives to substantiate the claims made in the clip, but at this point all they're saying is that "nothing is on our auto show calendar any time soon, at least not in the United States." However, the details jibe with what has been rumored for several years -- and who would know better about upcoming Toyota/Lexus product than an official test driver, anyway [update: Toyota claims the driver was hired for the event and is not an official driver for the automaker]?

There’s a bit more information at the ft1club.com forums, including some comparisons between the BMW i8’s carbon fiber chassis, the FT-1 and a rendering of the upcoming Z4. We can see how that component could be used as the basis for the theorized BMW and Toyota two-doors.

Of course, we’re fond of the Supra and very fond of the FT-1 concept, so we might be hearing what we want to hear. Or believing what we want to believe -- the audio is, at the very least, clear in the above recording.

We're expecting to hear more from Toyota soon, so stay tuned.

Remember how Toyota and BMW decided to work together on a jointly-developed sports car back in 2012? It’s still happening: The two companies confirmed today that the project is now in the concept phase. In other words, it’s moving slowly, but it’s still on.

The midsize sports car is just one aspect of a broader BMW-Toyota partnership that includes joint work on lithium ion batteries, engine sharing, and more. But a legitimately sporty vehicle was always part of the agreement between the two companies, leading to rumors of a Toyota-BMW collaboration based on the next Z4.

Adding much-needed auto enthusiast flair to Toyota’s lineup has long been a goal for Akio Toyoda, the Japanese giant’s CEO and dyed-in-the-wool car guy. The partnership between the two companies is set to run until at least 2020, by which time hopefully we’ll have a driver-oriented Toyota-BMW on the streets.

On the heels of confirmation that the long-gestating BMW/Toyota joint sports-car project is still, well, gestating, we now have an idea of where the Toyota version will play in the sports-car segment.

According to information we’ve received from an inside source, the mid-size sports car—which Toyota is said to be discussing in terms of the FT-1 concept pictured above—is likely to cost more than a base Chevrolet Corvette, which currently starts at $54,995. If Toyota plans to play in the Corvette’s league, one should expect output in excess of 400 horsepower, likely from a turbocharged and/or possibly hybridized V-6. Rear-wheel drive is a given, but the car’s name—FT-1 or Supra or something else—remains to be seen.

And then there’s this interesting question: if the Toyota ends up costing more than a Vette, how much might the BMW version cost? If the Bimmer commands a premium, it may be too pricey to be a direct replacement for the Z4, as has been rumored. If the two cars are priced commensurately, they’ll need to be suitably differentiated for the existence of both to make sense, such as offering the Toyota only as a coupe and the BMW only as a convertible. And then there’s the tantalizing possibility that the BMW may wind up being both more expensive and more powerful—and maybe lean heavily on that brand’s newfound carbon-fiber expertise—which means we’d have a Jaguar F-Type and Porsche 911 fighter on our hands.

Whatever the case may be, it sounds like these new sports cars will be more aspirational than affordable. We’re looking forward to finding out more—and hopefully soon.

The global car market is changing fast and the sports car segment is probably most affected by the global recession. According to BMW’s sales boss, sports cars may never return to pre-crisis sales levels.

“The sports-car market is roughly half of what it used to be. Post-2008, it just collapsed. I’m not so sure it’ll ever fully recover,” Ian Robertson, BMW’s head of sales, said in an interview with Bloomberg.

The executive said the car’s role as a status symbol has diminished, while SUVs and crossovers becoming more popular. Furthermore, in China and emerging markets, hot weather, pollution and a propensity for chauffeur-driven limousines have led to the decline of sports cars less among wealthy customers.

Robertson said that’s why BMW is teaming with Toyota to share development costs on a new mid-size sports car. The two companies said last week their project has entered the concept phase after completing a feasibility study. However, they declined to provide details.

The decline of the sports car segment is obvious when analyzing sales of the Audi TT, BMW Z4 (pictured) and Mercedes-Benz SLK. These models’ combined global sales peaked at about 114,000 in 2007 before falling 45 percent by 2010, according to IHS Automotive. By the end of the decade, global sales are expected to reach about 72,000.

Check out our Rocket Bunny FT-1, by talented artist Jay Lall!

The standard FT-1 was given rocket bunny fenders, extra carbon fiber underbody aero parts, suspension lowering, new wheels, exposed exhaust, and an integrated rear trunk spoiler.

Which is your favorite color of the three?