Porsche produced a super-lightweight, rear-wheel-drive only version of the 964, the 964 Carrera RS was unveiled in 1991. It was based on Porsche’s 911 “Carrera Cup” race car and harked back to the 2.7 and 3.0 RS and RSR models. It featured a revised version of the standard M64/03 engine, with the power marginally increased to 256 hp, coupled via a lightweight flywheel to a G50/10 transmission with closer ratios, asymmetrical limited slip differential, and steel synchromesh. The suspension was designed with the track in mind, with a 40 mm (1.6 in) lower ride height, stiffer springs, dampers and adjustable stabilizer bars. There were two versions available, the standard RS and Clubsport.

The standard RS was a heavier “Touring” version which included more driver comforts. It came with thin carpets, some sound deadening, leather lined bucket seats, undercarriage protection with additional options of a radio, power windows, and air conditioning.

The Clubsport package (option code M003) was a more lightweight version with the focus on track performance. It included a fully stripped-out interior, no power windows, no rear seats, no air conditioning, no cruise control, no radio system, no sound deadening or carpeting. It was equipped with a roll cage and full racing-bucket front seats. The hood was aluminum, with the chassis seam welded. The wheels were magnesium, and the glass was thinner in the doors and rear window. Porsche made only 290 cars with the M003 Clubsport option code.