If launched, the car is at least three years away.

Jaguar is busily developing a successor to the infamous Ford-based X-Type sedan, a new report claims. Called project X760 internally, the car will make its public debut in 2015 at the earliest.

Project X760 will compete in the same arena as the BMW 3-Series and the Mercedes-Benz C-Class, a profitable market segment that Jaguar has long missed out on. It will be offered as a four-door sedan and a station wagon but a coupe variant is not likely to see the light of day.

The yet-unnamed car will ride on Jaguar-Land Rover's premium lightweight architecture (PLA) platform, a modular chassis that also underpins the 2013 Range Rover and the Jaguar XJ. Entry-level models will be rear-wheel drive while more expensive ones will gain all-wheel drive.

Jaguar will likely raid its existing parts bin to offer X760 with a wide range of gasoline- and diesel-burning engines. A performance-minded version aimed at the M3 and the C63 AMG is a distinct possibility as it would boost Jaguar's image.

If the rumor proves true, X760 will be presented as a concept in 2014 before going on sale in Europe and in the United States a year later.

The X-Type heir is just the first part of Jaguar's plan to become a more mainstream luxury automaker. Shortly after the sedan is presented, the Tata-owned automaker will debut a crossover that will target the BMW X3 and the Mercedes-Benz GLK-Class.