peugeot logoPeugeot will be replacing its Peugeot 407 sedan (facelifted in mid-2008) with an all-new model in less than two years from now, and apparently it will not be called the 408.

Instead, Peugeot’s Mondeo/Accord-class competitor will be called the 508. This will leave the 4-series range empty save for the Mitsubishi Outlander-based 4007, as the 5-series family also has a modern 5008, which is pretty much a stretched 3008.

The new Peugeot 508 will replace both the 407 and the 607 in Peugeot’s line-up, making the French marque’s exit from the mid-sized executive car segment.

A concept version of the car will be unveiled at the 2010 Paris Motor Show, and this will be followed by a production car in 2011.