The restructuring car maker turned profitable for the first time in four years in the past business year ended March 31 and is now ready to take measures to boost sales in overseas markets, the newspaper said.
Mitsubishi Motors officials could not be reached to confirm the comments by its president, Osamu Masuko.
The new car will likely be priced around 1 million yen (,315), though Mitsubishi has not yet decided on when to launch the car, the Nikkei said.
Other automakers are also taking steps to capture demand in emerging economies with lower-priced cars.
French carmaker Renault said last month that it would sell its no-frills Logan model under the badge of partner Nissan Motor Co..
Mitsubishi's Masuko also said the automaker is preparing to build a new plant in Russia, according to the Nikkei.