A toy motorcycle body supports a pair of front-to-back extending chassis shafts in a pivotal attachment. A front wheel and a rear wheel are each formed of respective wheel halves and supported by the pivotable chassis shafts. The chassis shafts each support respective lever cams which cooperate with a pivotally supported lever actuated by the user. The chassis shafts also support a pair of spring cams which cooperate with a return spring. The action of the spring upon the spring cams pivots the chassis shafts to place the front and rear wheel halves together configuring the toy motorcycle as a conventional motorcycle. The manipulation of the pivotally supported lever by the user overcomes the spring force and pivots the chassis shafts so as to move the respective wheel halves to a split outwardly extending configuration to mimic a hovering device.