The car website reports the plans are at ‘an early stage’, but Renault could re-launch the stylish R5 to take advantage of rising interest in more premium small cars such as the DS3.
It would also go up against the Fiat 500, itself a restyled model from an earlier car, and one which has been a huge success for the Italian manufacturer.
Both the Fiat 500 and Citroen DS3 have acted as halo cars for their respective brands, giving them a more desirable name for younger buyers. It has been successfully followed by the Citroen DS4 hatchback, which goes on sale in the UK this year.
A Renault 5 would allow the French manufacturer to offer a stylish small car with a range of customisable options in the same vein as the Citroen model.
Any new model would be expected to feature higher quality materials and a choice of extra equipment. This would almost certainly lead to higher prices than Renault’s current small car, the Twingo.
However, a potential Renault 5 could be up to three years away from full production and Renault has not confirmed if the car will be making a comeback.
The original Renault 5 was one of the best-selling cars of the 1970s. Early models were known for their chic French style and charm.
The first generation finished as runner up on European Car of the Year 1973 and lasted until 1985, when it was replaced by the Supercinq.
However, they also suffered from reliability issues – something Renault would be well placed to solve in a new version of the cars after successfully improving the likes of the Clio supermini in recent years.