For the past several weeks, rumors have been circulating about a possible new model from Jaguar to compete with the Porsche 911. The project has not yet been approved, but Jaguar insiders have described it as the "top priority" for the automaker in terms of targeting a new niche.

Well-placed sources recently confirmed Jaguar presented the idea to Tata Motors, which is likely to acquire the company from Ford. Since the project is so early on, a final design probably doesn't even exist yet. But that didn't stoop our artists from creating an illustration of how such a vehicle might look.

Jaguar is widely expected to borrow some design cues from the popular F-Type concept, with a more modern twist. Our illustration depicts a car with a shorter overall wheelbase than the XK, plus an F-Type-inspired nose.

Even if approved, the two-seater is still a few years away. Tata's "can-do" mindset might lead to a faster development process, but we're still in for a long wait. Using an existing platform — such as a shortened version of the XK chassis — might also help bring the new model to market sooner.

The puristic sports car could wear the F-Type badge, but Jaguar appears to be switching to a lineup of models starting with "X," so we wouldn't be surprised to see a different nameplate.

Today Jaguar confirms that it will bring an all-new sports car to production; the F-TYPE.

Speaking at the New York auto show Adrian Hallmark, Global Brand Director, Jaguar Cars, confirmed: "We showed the C-X16 concept in September 2011, and the reaction to it has been so positive that we've accelerated our development of an all-new Jaguar sports car.

"That car will be called the F-TYPE, and it will be unveiled in production form later this year. The core appeal of Jaguar's cars is their sporting heart, and that heart will beat stronger than ever before in the F-TYPE. Its development is a vivid representation of the confidence and ambition of the Jaguar brand, and the desire amongst our engineers and design team to produce a world-leader in a market segment that we have been absent from for too long. But no longer - the F-TYPE is coming."

Utilising Jaguar's industry-leading knowledge of all-aluminium construction, the F-TYPE will launch as a convertible, and a strict two-seater with the focus uncompromisingly on delivering driver reward. A range of petrol engines will be available - including a new powerplant family - and all will deliver stunning sports car performance.

Today also marks the point that the F-TYPE's rigorous development schedule moves to final on-road testing, with engineering prototypes now leaving Jaguar's Castle Bromwich plant - the same plant at which the production cars will be built.

Ian Hoban, Jaguar's Vehicle Line Director said: "The engineering development of the F-TYPE has focused on delivering a heightened level of dynamic driving reward. We are excited about our progress to date and are looking forward to soon being able to demonstrate what we have achieved."

Ian Callum, Director of Design, said: "A true sports car needs to be pure in both its purpose and its form; to have the opportunity to produce such a car for Jaguar has been a privilege both for myself and for my team. The C-type, D-type and E-type Jaguars were all sports cars that held true to this principle in their era, and the F-TYPE will hold true to that same principle in its time, a time that is soon to arrive."

The F-TYPE will join Jaguar's existing range of cars - the XF saloon and Sportbrake, XJ saloon and XK coupe/convertible. Full F-TYPE technical and range details will be announced later in 2012. It will go on sale in mid 2013.

After numerous teaser videos and countless spy shots, about a dozen leaked low-resolution images have fully revealed Jaguar's 2013 F-Type ahead of its scheduled debut at the Paris Motor Show in just a couple of days.

Visually, the F-Type roadster is heavily inspired by the C-X16 coupe that Jaguar debuted as a concept car at the Frankfurt Motor Show last year. The front end of the car boasts sleek headlights and a wide grille, two styling cues that are reminiscent of Jaguar's iconic E-Type. Out back, the bumper is fitted with an aggressive-looking air diffuser that incorporates four chromed exhaust tips.

Jaguar's all-new F-Type sports car is set to hit the market next spring with a variety of V6 and V8 powerplants but just one transmission option: an eight-speed automatic gearbox. However, a source at Jaguar has confirmed to Car and Driver that a six-speed manual will be added to the options list following the F-Type's launch. Instead of being a line-wide feature, the row-your-own gearbox might be limited to a single engine or enthusiast-specific trim level.

It seems the F-Type won't be the only upcoming Jag to get a three-pedal gearbox, with the source stating that another of the automaker's upcoming vehicles will offer a manual transmission - likely the oft-rumored X-Type successor.

F-TYPE - Jaguar's all-new two-seater sports car. Seen for the first time with special-order Firesand paintwork and equipped with optional 'Design' and both exterior and interior 'black' packs, this individual F-TYPE - a V6 S model - demonstrates the range of personalisation options that are available for customers.

Ian Callum, Director of Design, Jaguar, commented:"For me, good automotive design should be about creating excitement, so being here in LA to witness the positive reaction to both the XFR-S and F-TYPE - two highly distinctive performance cars - is very satisfying."