The Fiesta-based crossover is expected to be revealed later this year, and could come to Australia if trademark registrations are a guide.
The 2020 Ford Puma has been spied undergoing testing around the Nurburgring Nordschleife.
Based on the latest Fiesta, which will only be sold in ST trim Down Under, the new Puma is around the same size as the EcoSport, but should be a much more upmarket affair than the made-in-India crossover.
If the next-generation Escape is anything to go by, the Puma could share its dashboard and most of its interior components with the Fiesta.
And just like its bigger brother, the Puma will be styled like tall hatchback rather than a rough-and-ready take-you-anywhere off-roader.
Last month Ford confirmed the small crossover's name, and quickly drove it across an Amsterdam stage, revealing the car's soft organic shape and many Escape-inspired styling cues.
One clear point of difference, apart from the size, are the Puma's taller, chunkier headlights. Squint and it could be a call back to the original Puma, a Fiesta-based three-door coupe sold in Europe during the late 1990s.
Our spy photography agency believes this is a prototype for the Puma ST, and given the twin exhaust tips, large wheels and low-profile tyres, it's possible they're correct. It could also an ST Line model.
If this is the Puma ST, it likely uses the same 147kW/290Nm 1.5-litre turbocharged three-cylinder petrol engine as the Fiesta ST.
Last year it was revealed Ford had trademarked the Puma name for both Australia and New Zealand, meaning the car is on the radar for our market. Whether the business case makes sense is another question entirely, of course.