According to a recent report, the 2014 Lexus IS will be underpinned by the long-awaited FT-86 sports car.

Toyota's long-awaited FT-86 hasn't hit dealerships yet, but rumors are suggesting the jointly-developed sports car will lend its chassis to the next-generation Lexus IS.

Details are limited, but Road & Track is reporting the car will ride on a stretched version of FT-86 platform and debut in 2013. Unfortunately, the turbocharged 2.0-liter engine will be replaced by a more traditional 2.5-liter four-cylinder and a 3.6-liter six-cylinder.

While nothing is official, the news seems to support speculation that Toyota has green-lighted an FT-86 sedan. Furthermore, Lexus has made it clear they want a sportier lineup as previewed by the LFA and upcoming GS-F.

Gallery: Toyota FT-86 to underpin 2014 Lexus IS - report