There's some very bad news for the folks who are looking forward to a revived Toyota MR2. Toyota Motor Europe Executive Vice President of Sales Matt Harrison tells Autocar that the new MR2 is "not a priority" for the company at this time. Instead, the automaker has its focus on creating the next-gen GT86.

Tetsuya Tada, the chief engineer of the Toyota Supra, wants the company to have three dedicated performance vehicles. The Supra would be at the top. The revived MR2 (speculative rendering below) and a new Celica would be the other two. 

Gallery: Toyota MR2 Concept

The new MR2 would likely come from a partnership with other automakers. Rumours have suggested Toyota might work with Subaru or even Porsche on the vehicle. There was even speculation that the automaker was investigating making it an EV.

Subaru and Toyota are currently working together on the next generation of the BRZ and GT86. Tada is also working on this pair and says that the team's goal is to create a rear-wheel-drive coupe that's even better to drive than the new Supra. The new models would allegedly use the 2.4-litre turbocharged flat four-cylinder engine from models like the Subaru Ascent that would give the performance model at least 260 bhp (194 kilowatts).

Rumours are still swirling about what platform the new BRZ and GT86 would use. The Subaru Global Platform reportedly can't support a rear-drive vehicle. Toyota's TGNA underpinnings can work with a rear-wheel-drive product, though. The models' arrival is still likely several years away.