Abstract: A toy airship includes an elongated hull having a generally. circular cross section which includes a pair of panels. The panels are movably supported with respect to the remainder of the airship hull by a plurality of pivotally supported arms. The interior ends of the pivotally supported arms are secured to a movable slide which is positioned by a return spring so-as-to pivot the supporting arms of the panels forwardly and outwardly thereby extending the movable panels to reconfigure the toy airship in a hydrofoil craft configuration. A movable button is operative coupled to the slide and is used to drive the slide forwardly against the return spring and thereby pivot the panel supporting arms rearwardly and inwardly. As the arms are pivoted rearwardly and inwardly, the panels are configured into a closed position resulting in reconfiguring the toy airship in its airship resembling configuration.