Toyota has given the green light to a production version of the FT-HS concept, reports Automobile magazine. The FT-HS was unveiled earlier this year, featuring one of the first applications of hybrid power in a sports car.

At the Detroit auto show in January, Toyota officials openly admitted the concept could provide clues to a successor to the Supra. It's not known if the Japanese automaker plans to use the Supra name for the production car, which is now expected to arrive in 2009 model.

Toyota said the FT-HS would cost between $30,000 and $40,000 if produced. The 400 horsepower concept version features a 3.5 liter V6 coupled with the electric motor used in the GS 450h. The car seats four and has a 50:50 weight balance and zero to sixty time of four seconds.