Welcome to a new whole new chapter in sports car history. If news is to be believed, we could soon be seeing the birth of the very first BMW-Toyota sports car!

Yes, that’s right. At a recent meeting at BMW’s headquarters in Munich, the motoring giants have signed a memorandum of understanding for joint development of a fuel cell system, power electrification, development of lightweight technology and the development of a future sports car. Even the thought that the two automobile greats might “explore the possibility” of building a vehicle together has left sports car fans excited in what could only be a milestone in automobile history.

Toyota boss Akio Toyoda and BMW chief Norbert Reithofer signed the MoU in June this year.

BMW have already signed a deal with Toyota agreeing to supply diesel engines from 2014. According to a binding agreement signed in March 2012, not only will the German firm supply Toyota Motor Europe with diesel engines from 2014, the Toyota and BMW have also agreed on collaborative research in the field of next generation lithium-ion battery cells.

Reports hint that the companies are looking to develop a “sustainable sports car”. BMW chief Reithofer said that the firms were looking to “shape the iconic change [in industry] as pioneers, in a responsible and sustainable manner.”

Similarly Toyota boss Toyoda said: “Toyota is strong in environment-friendly hybrids and fuel cells. I believe BMW’s strength is developing sports cars. They know how to make a car perform. I get so excited thinking about the cars that will result from this relationship.”

Will the BMW-Toyota relationship develop something as spectacular as the recent Toyota offerings – the GT86 and BRZ? Toyota’s joint project with Subaru produced the mechanically similar cars that have been regarded as some of the world’s finest sports cars.

We’ll just have to wait and see.