Last time we heard about Toyota's plans to unveil a small sportscar we were investigating rumors suggesting such a model would be slotted under the current Toyota GT86. But here comes bodywork downsizing, done the Toyota way.

A couple of weeks ago, rumors that Toyota is looking to build a small two-door rear-drive coupé codenamed 69DZ created their fair share of buzz in the automotive universe, especially among the brand's fans.

Voices were talking about a 2+2 model powered by a 1.5-liter engine, a package that will not cost more than $20,000. Sounds fun, but hear this out: Toyota might launch an even smaller model inspired by the Lotus Seven, featuring radical open-wheel appearance.

According to Motoring, Toyota is preparing a surprising appearance at the Tokyo Motor Show 2015 scheduled to take place later this year in October: an extreme three-seat, open-wheel sports car prototype.

The rule is simple: Toyota plans present the car in Tokyo, and then wait for feedback from the public and media outlets. If the car will 'generate' sufficient thumbs up, the Japanese carmaker will build the car, most likely in limited edition.

And guess what? It will be powered by the same 1.5-liter engine rumored to find a way under the 69DZ's hood but as part of a hybrid setup. However, the open-wheel car's weight of just 700 kg (1,543 lbs) will be moved from A to B by only 102 HP managed via a CVT transmission.

That being said, the same source claims Toyota is aiming at Mazda MX-5 and Honda S660 with this new small sportscar. However, we prefer taking such situations one step at a time so let's see first if the prototype is exciting enough to spawn a production model, shall we?

Toyota is aiming at Mazda MX-5 and Honda S660 with this new small sportscar.