Nissan Motor has denied a newspaper report on Monday that it is considering entering the South Korean market as early as next year, CBS Marketwatch reported.

The news organisation cited the Nihon Keizai Shimbun newspaper as saying that Nissan is mulling the possibility of offering models that do not compete with its group member Renault Samsung [which makes several car lines based on Nissan models].

Since Renault Samsung already makes and sells compact and subcompact cars in South Korea already, the most likely candidates would be luxury models and sport-utility vehicles, the report said, according to CBS Marketwatch.

However, a spokeswoman for Nissan denied the report. "It is pure speculation. We have nothing to comment," she reportedly said, according to CBS Marketwatch, which noted that the report said Nissan has been eyeing the success of Toyota in South Korea, which lifted a ban on Japanese car imports in 1999.

CBS Marketwatch noted that Honda in March announced it would begin selling cars in South Korea later this year.