Toyota has reportedly written off the idea of a new 86 roadster, based on the FT-86 Open concept unveiled earlier this year.
Despite the nearly showroom-ready design of the Open concept, mounting development costs are understood to be the cause of the decision to axe production plans.
According to British magazine What Car?, an unnamed insider at Toyota has confirmed that the 86 Open is not on the carmaker's schedule for 2014 or 2015.
While that leaves room for a 2016 debut, reports earlier this year suggested that Toyota had forecast low sales numbers for the topless 86, diminishing the case for a production schedule.
Industry paper Automotive News reports that development of the 86 Open had reached a relatively advanced stage, but continuing the project was proving too costly.
The 86 Open's team had been tasked with making the car 'weight neutral', meaning that the body would need to be strengthened and a roof mechanism installed - all without impacting on the car's kerb weight.
The 86 is known to have been developed with coupe and convertible applications in mind, although Toyota has never offered concrete technical details for a topless model.
The 86 Open would have been Toyota's first global convertible since the last-generation MR2 left the market in 2006.