Spurred and pepped up by the superb sales of its IS250 C and IS350 C convertibles, Lexus is now working on Lexus IS-F convertible. Yes, the luxury vehicle division of Japanese automaker Toyota Motor Corporation – Lexus is reportedly gearing up to roll out “Lexus IS F Convertible”.

The Car and Driver website has reported that Lexus is building a convertible version of its IS F sports sedan, which will be followed by “F” version of its recently launched 2010 IS C convertible. The website has reported that the Lexus IS F Convertible is expected to come powered with the Lexus IS F sports sedan’s 5.0-liter V-8 and eight-speed automatic transmission.

According to the website, the new convertible versions of the Lexus IS series of sport luxury cars will not be replacing the SC430. The Lexus IS F Convertible will compete with the drop-top BMW M3 cabriolet and even Mercedes. The Lexus IS-F convertible is expected to be launched in the early first quarter of 2011.

The exact price information about the upcoming Lexus IS F Convertible is not available yet. However, the starting price of Lexus IS250 C with manual transmission is $38,480, while starting price of the Lexus IS 350 C with auto transmission is $43,940.