Rumors of a "baby Cayenne" have been circling the web for years now, but Porsche today finally put an end to the rumors--by confirming the new compact SUV is in fact under development, bearing the working name "Cajun."

Porsche's hopes for the new SUV are toward further increases in sales volumes, with a lower entry price potentially attracting younger buyers. Design goals for the vehicle include "light weight, ease of handling and agility," according to the official release. The Cajun is expected to share a platform with the Audi Q5, though it will be styled with an eye toward sportier themes and priced roughly five to ten percent higher than the Audi.

Those that have been keeping tabs on the progress of the baby Cayenne may remember several denials that such a vehicle was under consideration, the latest coming just this May.

With designer Walter da Silva now at the reins of the project, we can expect the new Cajun to be perhaps the most attractive vehicle in its segment. The Cajun is expected to make its retail debut in 2014.