Entering below the larger Genesis sedan - the first of Hyundai's luxury-segment cars - the new model will sit well above Hyundai's current front-wheel-drive volume sellers.
The report claims that the new model, known internally as 'RK', will be built on a cut-down version of the rear-wheel-drive platform underpinning the larger Genesis sedan and Genesis Coupe.
The new model is not expected to arrive until 2015 at the earliest, suggesting it could instead utilise the platform of the next-generation Genesis, offering both left- and right-hand-drive layouts.
The current Genesis sedan and Genesis Coupe models are available in left-hand-drive only, a fact which has kept both cars from Australian showrooms.
The next Genesis is expected to debut internationally in late 2013 for the 2014 model year.
With an Australian release expected for the new sedan and coupe, we can likely look forward to a 2014/2015 appearance in this market.