Toyota, together with Subaru, is set to launch a new affordable driver-oriented sports coupe (think Toyota Celica reincarnation) and if these photos the FT-86 protoype are a sign we’ve got lots to look forward to.

The FT-86, set to debut as a production model in 2011, is a collaboration between Toyota and Subaru and will utilize a common chassis and some sort of 2.0 liter engine, currently rumored to be a four cylinder boxer engine dubbed the “C-45 Boxer” that can produce anywhere from 200 and 250 HP. A hybrid model isn’t expected. Rear-wheel drive though is.

A coupe is smaller in length, width and height than the new Nissan 370Z but has a slightly longer wheelbase. It’s also the first car from Toyota Motor Company to incorporate design cues from the Lexus LF-A concept.