The Fiat pickup would be based on the next-generation Mitsubishi Triton, with an on-sale date not expected before 2016.
Rumours of the joint venture began midway through this year, but a joint (and short) statement from the two carmakers this week brings the project closer to reality.
“[Fiat] and [Mitsubishi] announce that they have signed a non-binding Memorandum of Understanding concerning the possibility to develop and manufacture a midsized pickup truck,” the statement said.
While such a statement brings truth to the rumour from earlier this year, the pair is clearly keen to avoid fully committing to the project - at least during its early stages.
Details beyond that are scarce at present, with model ranges, engines, sales targets and potential pricing all unknown.
Single- and dual-cab variants are possibilities - along with a diesel-only engine strategy - but the Fiat may be built exclusively in left-hand-drive, ruling it out of the Australian market.
The Fiat pickup may offer both 2WD and 4WD, with load-carrying capacities likely to match the equivalent Triton model.
The 2015 Triton was spied without camouflage in June, ahead of the new model’s global debut towards the end of this year.
Expect an Australian arrival for the next-gen Triton sometime in 2015, with specifications and pricing for the local market yet to be confirmed.