Hoping to repeat the success of the revival of the 500 ‘Cinquecento’ minicar last year, Fiat will be brushing off another classic nameplate with new reports claiming the ‘Topolino’ name is set for a comeback. The new car will replace the current Uno subcompact and should hit dealerships in Europe by 2011 at a cost of around €6,000 (US$9400).

According to earlier reports, Fiat will eventually develop an entire family of low-cost B-segment models and now Automotive News is reporting that a new brand could be established for the range. Fiat CEO Sergio Marchionne told reporters at a congress in Turin yesterday that there’s sufficient space in the market for a “true value brand” and a final decision would be made within the next 12 months.

Details about the new Topolino are still scarce, but chances are it will be built on a shortened version of the Punto platform and feature a low-output engine developing less than a 100hp. Production of the new low-cost family will start at a former Zastava plant in Serbia, which was recently acquired by Fiat, around 2010 with the first cars to arrive in showrooms in early 2010.