The Atlanta-based soft drinks giant has registered three potential brand names for the drink -- Coca-Cola Blak, Makkio and Maquio.
Coca-Cola already makes a similar beverage in Japan called Georgia Coffee. It is the biggest-selling non-carbonated soft drink on the market there.
The new drink could be on sale in the US and Europe by next year and is being worked on by a new unit headed by Mary Minnick, who spent the last four years as president of Coca-Cola Asia.
The team is looking at encouraging consumers away from buying their coffee hot from smaller cafes or chains such as Starbucks and Caffe Nero.
The company is battling a 拢100m decline, with sales in the UK sliding by 6% to 拢494m last year. During the same period, rival Pepsi's sales dropped 8% to 拢80m, according to ACNielsen.
Coca-Cola hopes to encourage new consumers with a limited edition lemon flavoured variant of Diet Coke launching this summer and a no-calorie drink, Coco-Cola Zero, following poor US sales of the mid-calorie drink C2, which may not now be launched in Europe.
Mother and Naked Communications are currently working on a campaign for individual brands including a new range of diet and light drinks and a television ad for Fanta Z in May.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .