The move comes as part of Toyota's plans to establish a new joint-venture plant in the U.S. and set up a research and development unit for electric cars.
With Toyota plants already in state, West Virginia, Kentucky, Indiana, Alabama and Texas are sure to throw their hats into the ring.
The team behind the megasite wants to transform the 1,500-acre property into a fully-fledged automobile manufacturing plant.
Terry Gill, Bevin's top economic development official, said in an interview that the governor was referring to a state-owned greenfield site called Glendale off Interstate 65 in the Elizabethtown area. They have not picked where the plant, which will build the Toyota Corolla, will be built, but added it would be somewhere near the current supply chain.
Until the scheduled start of the joint venture plant with Mazda in 2021, Toyota will supply the Corollas that were initially slated to be built in Mexico from its factories in MS and Japan, the company said. OH and MI are also reportedly vying for the plant.
Toyota is set to take a 5 percent stake in Mazda as part of an offensive plan of action in order to ward off rivals in the U.S. market.
The news agency cited the fact that the MS plant already makes the Corolla model.
The plant is projected to be operational by 2021, but a location has not been announced.
Even if the plant goes to MS, it will nearly certainly bring new business to Kentucky-based supplier plants, McCabe told the conference.