"This voluntary program is part of an ongoing process of evaluating our operations and aligning them with our future growth, "Toyota said in a statement.
"It will allow for further restructuring and enable us to expand areas of responsibility and increase efficiency."
Toyota said it did not have a target for how many positions it was trying to eliminate with the program, nor how many workers were eligible. The company did not immediately return a request for comment.
Eligible managers at Toyota's automotive operations group and customer service office at its US headquarters in California will be offered $20,000, two weeks salary for every year worked plus 10 weeks additional severance.
The buyouts come as Toyota works to recover from a painful 2010 which saw its once-stellar reputation tarnished by a series of mass recalls for deadly defects.
More damaging perhaps than the recalls was the way in which they were handled by Toyota, which was accused of deliberately hiding the defects and was slow to react to a public outcry.
The automaker has instigated major changes to its US operations in the wake of the scandal, including giving local executives more control.