Toyota is considering investing in the aviation industry.

"Mitsubishi Heavy Industries has invited us to invest and we are considering it. However, nothing has been decided yet," a Toyota spokesman told Japanese newspaper Asahi Shimbun.

The paper said Toyota was planning to invest JPY10bn ($US97bn) in the project that is due to start in April.

Mitsubishi Heavy Industries has a $1.5bn project to build Japan's first passenger jet. It would seat 70 to 90 passengers and production would start in 2012, according to Reuters.

Trading houses Mitsubishi Corp and Sumitomo Corp are also reportedly considering invitations to invest.

Toyota would follow its competitor Honda into the aviation sector. Honda produces a small seven-seater jet.