Porsche is reportedly working on a smaller sedan that will compete with the BMW 5-Series and Mercedes-Benz E-Class, coming from the success of the Porsche Panamera.
The project is currently underway and is codenamed Pajun, for Panamera Junior. You can except a diesel, gasoline, and hybrid version because it is carrying over the engine from the Panamera.
Nothing is official yet, but you should expect to see something around 2016, with a starting price of $84,630 according to AutoBild.