Update: The 2014 Cadillac CTS has been revealed. Click here for all the details, photos and video.

The completely redesigned 2014 Cadillac CTS will reportedly make its world debut at the 2013 New York Auto Show in late March.

The car is then expected to hit showrooms this fall, followed by the redesigned 2014 Cadillac Escalade early next year.

The information is said to come from General Motors officials speaking at a recent National Automobile Dealers Association convention in Orlando, Florida, attended by Autoweek.

The CTS is one of the most popular models for Cadillac, though the current model, first launched for 2008, is starting to show its age against rivals as well as Cadillac’s own ATS.

Cadillac’s sales dropped 2 percent in the U.S. last year but it’s hoped the new CTS will help turn things around. The ATS is already off to a great start, and the new CTS, which will grow in size to better match the competition, should continue the charge.

We’ve been spying prototypes for the car for over a year and they show a significantly larger body, which should translate to more interior space. Handling and dynamics should also be much improved thanks to the adoption of GM’s brilliant Alpha rear-wheel-drive platform.

In addition to an impressive platform, the new CTS should also benefit from some powerful yet fuel efficient engines. The base model will likely remain a V-6 and is expected to be joined by a twin-turbocharged model, also a V-6. The range-topper, the CTS-V, should retain its supercharged V-8 engine.

Inside, there will be plenty of luxury and generous space for five adults. Dominating the cabin will be a large capacitive touch-screen display for the CUE interface system, which we’ll be seeing on all new Cadillacs.

What’s uncertain is the return of additional CTS bodystyles, such as the coupe and wagon. This is because there’s a chance Cadillac may derive its new coupe and convertible models from the smaller ATS and leave the wagon bodystyle for other brands

The first press day for the 2013 New York Auto Show commences on March 27. While you await the 2014 Cadillac CTS’ debut, follow this link to watch a video of a prototype racing around the Nürburgring.