With the launch of the F-Type Jaguar created some overlap in the lineup as the lighter F-Type outperformed its older and heavier sibling. The XK will be phased out this summer as the F-Type has canalized its sales. The new XK will target more upscale competition such as the Bentley Continental GT and the Mercedes-Benz S-Class coupe.
How long until we see it? Considering Jaguar has the XE sedan to launch and then an SUV we are looking at a few years at best. The F-Type is already filling the void quite well until then.