McLaren Automotive is creating a model that will exceed 200mph and pay homage to the "iconic" F1 supercar that made the brand famous 20 years ago, according to Autocar.
Sources at the company told the magazine that its acceleration from 0-60mph will be the quickest of any car built with at least three seats.
Just 64 of the £2m cars are expected to be released, the same number of road-going F1s made before production ended in 1998.
The report said the Special Operations division of McLaren is recreating the F1 as a powerful grand tourer (GT) - a luxury sports car designed for long distance trips.
It will feature design nods to the F1, such as the three-seat layout and the distinctive way in which the doors open.
The car could be launched in 2018 to mark the 30th anniversary of a conversation involving McLaren boss Ron Dennis in 1988 following the Italian Grand Prix, which led to the creation of the F1, which had a top speed of 231mph.
Autocar speculated that the name of the new car will be linked to the F1, such as F1 GT.
Jim Holder, editorial director of the magazine, told the Press Association: "When Autocar tested the McLaren F1 in 1994 we described it as 'possibly the fastest production road car the world will ever see.’
"History has proven us wrong on that one, with demand for ever-faster cars driven by customer demand among ultra-rich buyers booming.
"At the same time the McLaren F1 has become an icon, with road-going cars now fetching around £10m when they are sold.
"That's why McLaren's decision to reinvent its iconic car has caused such a stir - it's an iconic car, with a unique three-seat arrangement and even with a £2m price tag I can't imagine they will have any struggles selling all 64 they have committed to make.
"The revelation that McLaren is reinventing the F1 is huge news for car fans, and a huge endorsement of how successful McLaren's Woking-based car manufacturing arm has become."
McLaren Automotive was launched six years ago as a standalone manufacturer using technology from the McLaren Formula 1 team.
In March the company announced that it will invest £1bn over the next six years to develop 15 new models.