For a whole generation of drivers, the name MG conjures images of two-seat British roadsters.

They might not have worked every day and leaked like a colander when it rained, but when they worked they were a load of fun. MG might finally be returning to those days, with rumors that the now Chinese-owned company is working on another two-seat roadster.

Auto Express describes the car as a spiritual successor to the MG TF, a mid-engined sports car sold in the 1990s and 2000s that for a time out-sold the Mazda Miata in the U.K. Speaking to the British magazine, an insider confirmed that MG bosses have discussed a return to the roadster market, and intend to produce the vehicle once the brand has re-established itself under Chinese ownership. Parent company SAIC is already working on two new vehicle architectures—one of which is rumored to be suitable for a small sports car.

MG has not revealed a timeframe for the model just yet, as it's keen to develop its existing range of vehicles and put several other volume models on the market first. One of these is likely to be a compact SUV based on the CS concept unveiled in Shanghai last year. The other, badged MG5, will compete against vehicles like the Ford Focus. Whether either of those models will find their way to the U.S. is unconfirmed.

The company is also hard at work developing new powerplants for the MG range, led by a team at SAIC's U.K. technical center. The lineup is said to include 1.5- and 2.0-liter turbocharged gasoline units, either of which would be suitable for a new sporty roadster. MG is even said to be considering a road-going version of the Icon concept, which could also be sold with a convertible roof.