As an upmarket replacement for the ageing C70, the new model - if it surfaces - will likely arrive in coupe and convertible forms, taking on the likes of Mercedes' E-Class variants.
According to website Inside Line, top brass at Volvo see the so-called C90 as a potential halo model to give a premium boost to the brand, particularly in the US and Chinese markets.
The report adds that while the model has yet to appear in Volvo's confirmed new-model plan, insiders have confirmed that there is a strong push for a new lifestyle flagship in the range.
Built on the Swedish carmaker's new Scalable Platform Architecture and powered by a new turbocharged four-cylinder engine, the You is described as a preview of the next S80 flagship.
Its four-cylinder engine also forms part of Volvo's next-generation powertrain line-up, designed to significantly lower fuel consumption and carbon emissions. The engines have also been developed with a view to launching a range of hybrid models.