Hyundai is working on a full-size SUV expected for launch next year as a 2020 model. It was previewed in June by the Grandmaster concept and there rumors it will carry the Palisade name into production.

But a second big SUV could be in the works at the Korean automaker. Australia's Car Sales reported on Wednesday that Hyundai is also working on a rugged SUV to target vehicles like the Toyota Land Cruiser and Nissan Armada.

Hyundai dabbled in the segment early last decade with the Terracan, though production only lasted the one generation.

It isn't clear if the new SUV will share a unibody platform with the so-called Palisade or if Hyundai goes the more rugged route of using a body-on-frame design. Hyundai doesn't offer any body-on-frame vehicles, and it's upcoming pickup truck will share a unibody platform with the Santa Fe.

A likely option for the powertrain is Hyundai's 365-horsepower 3.3-liter turbocharged V-6. The automaker's 420-hp 5.0-liter V-8 may also be viable for some markets, such as the Middle East.

Production is said to start around 2022 and there's no suggestion just yet that the vehicle will be sold in the United States.