Fiat has confirmed it will be producing a convertible version of the 500 and although a launch date has yet to be announced, Fiat brand styling director Roberto Giolito revealed that the model is on its way... at some point.
Giolito also announced that the 500 cabrio will feature a fabric roof, and not a retractable hard-top, citing improvements in materials that remove many of the drawbacks associated with cloth roofs. The entire Fiat group does not include any hard-top convertibles, although several have been reported to be in the works, including the upcoming Ferrari California. However, the more expensive MINI convertible, which the 500 cabrio will invariably target in the marketplace, also uses a fabric top.
[Source: just-auto.com - sub. req'd]