Not a Pajun...
According to German car magazine Auto Bild, engineers in Stuttgart are working on a sub-Panamera saloon, dubbed internally (though we hope not externally) the Pajun, or Panamera junior (those crazy German engineers and their wacky sense of humour...).
The 'Pajun' (Please don't actually call it that, Porsche) could take both its looks and its undercrackers from the Panamera, so expect V6 and V8 petrols, a hybrid option and turbodiesel variants.
Nothing's official, of course, but Auto Bild reckons the new saloon (or fastback, or whatever it turns out to be) could be on the road by 2016.