The report follows the 2011 unveiling of the polarising Concept Universe, described by former Volvo chief Stefan Jacoby as the company's "next top-of-the-line" sedan.
The Universe concept was a long wheelbase luxury sedan purportedly pre-empting a new top-shelf model to sit above the current (and next) S80 sedan.
Speaking with Automotive News in Shanghai, Mr Samuelsson said "We don't have any ambitions to go into a segment where we would compete with vehicles that have V8 or V12 engines."
"We don't believe it would fit our brand image."
Samuelsson's comments represent an about-face for Volvo owner Geely, with CEO Li Shufu commenting last year that Volvo should work to compete with BMW, Mercedes-Benz and Audi.
The current generations of both models are expected to be replaced over the next two years, with a new S80 due in 2015 and the next XC90 expected in 2014.