Motoring.com, an Aussie web site, is reporting that Volvo will officially announce its upcoming participation in the V8 Supercars championship in Queensland on June 17, at the launch of its S60 Polestar sedan. The discussions have apparently been going on for weeks, but Motoring.com agreed to hold off on the announcement until Volvo's board had approved the deal.

If entering the series, the automaker will race a rear-wheel-drive S60, with a series-required naturally aspirated 5.0-liter V8, making about 650 horsepower, mounted in the nose of its tube-frame chassis. While Volvo has offered a Yamaha-sourced 60-degree 4.4-liter V8 in the past, mounted transversely in both its SUV and sedans, it will likely need a 90-degree V8 for racing.

Volvo's entry would be good news to the V8 Supercars series, as it would be the third new entry this year, joining the Mercedes-Benz E-Class and Nissan Altima as they battle the traditional Ford Falcons and Holden Commodores. The next race is the Skycity Triple Crown, scheduled for June 14-16 in Darwin. (Pictured above is the Belgian Touring Car Championship Volvo S60.)