Our insider tells us that the compact cross-hatch measures 3995mm long, 1695mm wide and just 1320mm high, with a wheelbase of 2480mm -- dimensions that are close to that of the original 1989 MX-5.

It is powered by Toyota’s naturally aspirated 1.5 litre 2NR-FE engine, fitted with Atkinson Cycle induction technology, dual VVT-i valve timing and a higher compression ratio, thus boosting the standard engine’s 67kW/132Nm outputs to 97kW/145Nm.

These figures may not sound sporty, but our source tells us that Toyota engineers are focusing more on the handling and ride quality of the car than pure speed.

Bolted onto the compact powerplant initially will be the same Aisin six-speed manual transmission currently fitted to the 86, with a six-speed automatic to be added to the line-up further down the track.

MacPherson strut suspension will reside up front, while a more sophisticated double-wishbone set-up will replace the Yaris' torsion-beam rear-end. Also befitting a rear-drive sports car will be respectably sized (195/50 R16) tyres to fill the wheel-arches.

Expect Toyota's all-new baby sports to debut in concept form at the 2015 Tokyo motor show next October, before appearing in final production guise at the 2017 Tokyo show and then landing in showrooms around the world the following year, priced from under $20,000.

Image: Holiday Auto