It has been rumored that Toyota is redesigning the Supra.

The Japanese Automaker plans to unveil the resurrected sports car at this year’s Tokyo Motor Show.

While Toyota denies working on a Supra replacement, sources told CAR Magazine that the project is indeed underway and that the company wants to add a RWD coupe that features a small turbocharged engine to its line-up.

Sources also say the company may launch the new Supra in 2014.

Toyota introduced the Supra in 1979 and it was the flagship model until 2002, when the corporation stopped making the vehicle.

After releasing a fleet of vessels during the late 1990s and axing the line in 2001, Toyota is setting sail into the ocean once again.

The Japanese automaker unveiled on September 6 a 35-foot leisure boat ideal for cruising and fishing.

Known as the “Ponam-35,” the new 12-passenger ship is powered by two 4.5-litre diesel engines derived from Toyota’s “Land Cruiser” SUV. It’s also equipped with highly-reliable control technology similar to equipment found in Toyota automobiles.

On the outside, the Ponam-35 features a mix of elegant curves, and is made of rigid aluminum alloy. One of the most distinctive features of the ship is its gunwale, which flows back from the bow and meets with the cabin windows, providing breathtaking views from nearly every angle of the boat.

Inside, the cabin has a layout created to facilitate easy movement and comfort. With a five-seat sofa and spacious owner’s room, the Ponam-35 has been strategically designed so the sink, storage shelves, refrigerator, microwave oven and work surfaces are quickly accessible.

As the first model in Toyota’s Ponam line of water crafts, which will consist of boats adept at both pleasure cruising and light fishing duty, the ‘35’ is characterized by an overall theme of white and black with deep blue and silver accents to create a relaxing atmosphere.

Priced around $800,000, the Ponam-35 and other Toyota vessels are meant to operated in inshore waters. It is currently for sale in Japan only.

For more information or to see more photos of the Ponam-35, click here.