If the car is approved for the US, the chances of it also coming to Australia and New Zealand are good, Wheels says.
The idea also has some support within the company with General Motors executive director of international operations Mike Simcoe enthusiastic about the prospect.
"Would I like to have a compact rear-wheel-drive performance coupe like that in any portfolio? Yes," Mr Simcoe told Wheels.
"Given that Australians - and particularly Australians who buy Holdens - are essentially enthusiasts and they enjoy driving agility and the character of rear-wheel-drive, then it makes sense."
Mr Simcoe also appears keen about the idea of calling it a Torana, saying it would be doing all the same things that the original Toranas did back in the 1970s.
At the same time the man who was the design chief at Holden when the VT and VE Commodores were developed is also cautious.
He told Wheels that the worst thing a carmaker could do was devalue a heritage badge by sticking it on an unworthy car.
"But judging by what we know so far, Code 130R doesn't fall into that category," the magazine said.
It isn't the first time that Holden has mulled bringing back the Torana nameplate, with the Holden Torana TT36 Hatch Concept shown in 2004 (see attached gallery).
- AAP