Audi has confirmed an all-new Audi R4 sports convertible will be introduced and it will share the same platform as the upcoming entry-level Porsche and Volkswagen sports cars.

Audi AG chairman Rupert Stadler has approved production plans for the car which will use the new Volkswagen Group two-seater layout. Reports say the car will be based on the E-Tron Spyder concept (pictured above) unveiled at the Paris Motor Show late last year.

A source close to UK's magazine Autocar has said that the Audi R4 is not expected to hit the market until 2014. "We have to make sure there is space in the line-up without causing a conflict with existing models. It will definitely happen," the source confirmed.

Some potential engine combinations include the upcoming Audi A3 2.0-liter four-cylinder turbo, producing around 230 hp of power, as well as a full-blown sports version incorporating the famous 2.5-liter turbocharged five-cylinder RS 3 unit producing around 330 hp. A twin-turbo diesel 2.0-liter four-cylinder could also be on the cards.