Rumors about the jointly developed BMW and Toyota sports car have been swirling for months but a new report is claiming the companies are already developing a second sports car which is a mid-engine model that will battle the Porsche 911.

According to Car Magazine, the model is codenamed "Silk Road 2" and will spawn a BMW Z7 and Lexus ZC or ZR. The cars will reportedly be developed by BMW and are slated to be launched in late 2018 or early 2019.

While development is reportedly at an early stage, the magazine says the car will feature a twin-turbo 3.0-liter engine, a 150 bhp (111 kW) electric motor, a small battery pack and a seven-speed dual clutch transmission. This setup will reportedly enable them to have a combined output of 400-500 bhp (298-372 kW).

If everything pans out, the cars will weigh less than 1650 kg (3637 lbs) and cost approximately €90,000 ($122,010 / £72,720).

BMW & Toyota working on another sports car, could be mid-engined - report