Toyota and V8 Supercars will combine for a new one-make series alongside the Supercars tour from 2016.
Toyota's popular 86 model coupe will be raced by both professional and amateur drivers at selected V8 Supercars race meets until 2018.
Five professional drivers will race alongside amateur entrants, with Toyota executive Tony Cramb saying Toyota aimed to keep costs for drivers as low as possible.
"We believe that the participant will be able to get in for under $100,000," he said.
"We're looking at probably six but up to eight (rounds)."
While grid sizes are yet to be confirmed, organisers are planning on a field of around 25, including professionals who would add as mentors.
The series is likely to debut at the 2016 Clipsal 500, with V8 Supercars chief executive James Warbuton saying he'd like to see the 86s at "premier events" such as Bathurst.
Warbuton said the Toyota Pro-Am would be welcomed by Australian motorsport fans.
"It's absolutely fantastic for motorsport in this country," Warbuton said.
"It will be a wonderful addition (to the V8 Supercars tour) and what our fans want to see."
Four-time Australian Rally Champion Neal Bates is coordinating the development of the 86 series race car.
Cramb said the series will be pitched at emerging drivers.
"We'd love nothing more than a group of mates in a garage late at night making sure the car is ready to go," he said.
"That's what this is about to start with."
Cramb said he wasn't ruling out a future V8 Supercars entry from the Japanese manufacturer but his company was focused on the Pro-Am series.
"It's a big step forward," he said.
"We're not announcing anything so far as V8 Supercars is concerned today... but I guess you just never say never."
Australia joins Japan, Germany and New Zealand in hosting Toyota one-make series.
Australians have been strong consumers of the 86 coupe, buying more than 13,000 since its launch in 2012 - more than any other sports car.
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