BMW is considering “four, five or six” in-house propositions for its future all-new sports car to be produced partly in collaboration with Toyota.

Seven months ago, Toyota and BMW announced a far-reaching technical partnership including an eye-opening decision to jointly create and produce “the architecture and other components” for a new sports car.

Both have since revealed little about their sports car projects other than a predictable statement that they will “combine each other’s technology at a high level to maximise customer satisfaction”.

This did little to quell suggestions that the Japanese car giant would reprise its much-admired Supra, which went out of production a little more than a decade ago. Toyota’s new chairman, Takeshi Uchiyamada delighted old Supra fanatics when he said recently he favours a mid-sized vehicle, similar to the old Supra.

BMW has continued to stay very quiet about its new sports car plans, with even less clarity about its likely positioning – presumably upward of the current Z4 roadster but away from the exotic plug-in i8 hybrid sports car due to go on sale in 2014.

Speaking to Drive during last week's launch of the 4-Series, members of BMW's product team said it was working on “four, five or six" different possibilities for board evaluation.

“There is no decision on which direction we will go,” a BMW spokesman said.

“It could be a mid-engined supercar or a traditional front-engined sports car. We don’t know yet.”

He left no doubt that beyond some platform commonality, BMW and Toyota will create and produce two unique and different sports cars.

“To get the green light from the BMW board, this will have to be a real BMW sports car, even with the Toyota involvement.”

There is another rider too. “For BMW, every car must make money – that’s our basic principal. We ask ourselves: is there a market for this car?”

Asked whether there was a fear that BMW’s powerful brand could be hurt by such a close association with the Japanese mainstream car maker, the spokesman was unapologetic, insisting the project will play to the strengths of two highly successful manufacturers.

He reminded Drive that Toyota-owned Lexus is a worthy premium-brand rival to BMW with excellent sports car credentials showcased by the LFA super coupe.

Under the terms of the agreement, the two companies are jointly developing lightweight technologies using cutting-edge materials such as reinforced composites. These technologies will be used in the sports-vehicle platform as well as other BMW and Toyota vehicles.

The broader technical partnership focussing on the lightweight materials, fuel-cell development and hybrid powertrains, is also moving along steadily, BMW confirms.

Pundits have generally praised the union between the world’s best-selling luxury brand and the biggest global car maker, pointing out the extensive collaboration is one formed not through economic necessity but from a position of strength.

Advancing too is an older agreement for Toyota to take a supply of efficient BMW diesel engines for various models from next year. This is to help Toyota expand further into diesel-loving Europe.

BMW will benefit from Toyota’s role as the world’s biggest maker of hybrid vehicles. The two are collaborating on lithium-ion batteries and other fuel-saving technologies.

The companies are convinced that fuel cell technology is one of the solutions necessary to achieve zero emissions. BMW and Toyota are to share their technologies and to jointly develop a fundamental fuel-cell vehicle system, including a fuel cell stack and system, and also a hydrogen tank, motor and battery, aiming for completion in 2020.

As any gearhead would tell you, the Toyota Supra is a proper 90s hero car. Production ran for nearly 24 years, but it wasn’t until the Mark IV arrived in 1992, that the Supra cemented its place in history as the lovable, tunable, affordable sportscar king of the mid-90s.

Unfortunately- after a successful ten-year run- production ended with the Mark IV in 2002, leaving the Toyota lineup to sulk in its own facade of beige nothingness. The Camry, the Corolla, and of course, the Prius, sell well and meet the automaker’s “Global Vision” program, but don’t do much to inspire.

But now, there’s hope. President and CEO Akio Toyoda (a former racing driver), brings a fresh face to a brand that had seemed to have lost its “fun” perception of the 80s and 90s. With cars like the GT 86, it’s the first step in the right direction, and a new sportscar which many have pegged as the successor to the Supra is in the works.

What it will officially entail has yet to be determined. But based on previous reports, rumors, and a little bit of research- we pulled together 7 things that you need to know regarding the upcoming new Supra, and an exclusive rendering done up our friends at Hansen Art:

It might not actually be called “Supra”

And that’s going to be rather disheartening for a lot of people to hear. As the Gen-Y car-buying market begins to bloom, many are looking for familiar nameplates. It brings back a sense of nostalgia, a sense of what was once great. As of now, Toyota tells us that the Supra moniker is only but a “candidate” in a long list of possible names for the new sportscar.

It’s going to be hybrid

Strike two, for many Supra faithful. The 2JZ (twin-turbo, inline-six) engine was well-loved for its ability to churn out massive amounts of aftermarket power. But as with many hybrid powertrains we see today, many shops tend to stay out of harms way, as working on such a vehicle gets overly complicated and expensive.

Emission standards are hitting automakers hard, and as Toyota sits at the forefront of hybrid research, we don’t doubt the Supra will be the automaker’s next pet project in a line of high-performance, fuel-efficienct sportscars.

It’s going to be powerful

Finally, some good news. Yes, it’s going to be about as powerful as many of the other competing supercars hitting the market at the time (GT-R, R8, Evo XI, etc.). 500-hp, or more, is predicted to come from under the hood.

It’s going to be rear-wheel drive

A breath of fresh air for many worried as to the softening of the Supra. It will remain rear-drive, as confirmed by GT 86 chief engineer Tetsuya Tada. Previous rumors suggested that all-wheel-drive would be in play, but Toyota is sticking to its guns (somewhat) and keeping the buyer in mind.

It might not come with a manual

But then again, neither will most high-performance sportscars succumbing to the hybrid era. Sigh…

It’s going to use plenty of carbon fiber

Carbon fiber is a must on top notch performance vehicles. And with the new Supra, Toyota isn’t slacking on the good stuff. Together, including BMW– with whom they partnered on the i8, you may remember- the Supra successor should come with a similar lightweight build derived from the i8. Although many details are still unclear.

It’s going to be “fun”

I think this is the most important factor here. Sure, it might be a paddle-shifting, hybrid-driving, soft sportster, but Toyota knows how to make fun sportscars. And make them well. The original Supra, the Celica, the 2000GT, the GT 86 have all been heralded as some of the most fun rides on the planet.

We just hope the Supra lives up to expectations. And that we see it soon than later.