Rumours have been rife in the auto industry about the return of one particular car made legendary by a certain Japanese anime series. We’re talking about the Toyota Corolla AE86. In a scoop by Japanese magazine Best Car, they’ve reported that Toyota is indeed working on a spiritual successor to the AE86 – lightweight, great handling, and most importantly rear wheel drive. Toyota’s NZ engine family was cited as as possible powertrain, however as far as I know it is currently a FF powertrain. The FR 3SZ-FE from the Avanza sounds more probable.

A few days ago newspaper Asahi Shimbun further added fuel to the excitement, stating that Toyota and Subaru will be jointly working on this new project and Toyota could source a rear wheel drive boxer engine from Subaru for the car. A target release date is sometime in 2010. Toyota needs a replacement for the Scion tC and the Celica anyway.

Two more scans after the jump.