The car's specifications have been leaked on an online forum and suggest the S-FR will be powered by a 1.5-litre four-cylinder petrol engine producing 128bhp and 109lb ft of torque. The engine will be coupled to a six-speed manual transmission, with no automatic option available. The car should be capable of returning up to 55mpg, and weighs just 980kg.
By comparison, the entry-level Mazda MX-5 is powered by a 129bhp 1.5-litre petrol engine, allowing it to reach 62mph in 8.3 seconds, with a top speed of 127mph.
The S-FR concept is described as being a 'fun-to-drive lightweight sports car' and is pitched as an entry-level model, which means any production variant would sit underneath the current GT86. Its dimensions make the S-FR significantly shorter, narrower and lower than the current GT86, with a smaller wheelbase.
Toyota says the front-engined, rear-wheel-drive coupé offers 'smooth, responsive and direct handling that gives a real sense of communication between car and driver.' The concept has been envisioned with future tuning and customisation in mind and features a pared-back interior with a digital instrument cluster and very few buttons inside.
If the S-FR makes it to production, it will give Toyota a three-strong sports car line-up, sitting alongside the current GT86 and the planned Supra successor - which is currently being co-developed with BMW. The leaked specifications suggest a price of around $12,500 for the S-FR in Japan. It's currently unknown whether the car would come to the UK.