This paper presents the high-level COCONUT architecture of an optical access network based on coherent technology, supporting ultra-dense Wavelength Division Multiplexing (WDM). The COCONUT network should allow for seamless evolution from present PON architectures, but also support new emerging applications such as mobile back-haul and front-haul. Coherent techniques will hence allow serving a higher number of users, thanks to ultra-dense WDM, and reaching higher power budget, thanks to higher sensitivity. These features should allow for economy of scale and network consolidation. Although coherent solutions are well-developed for core networks, the prohibitive cost of their optical and electronic parts makes them unsuitable for the massive deployment of access networks. To this aim, COCONUT will address realization of coherent transmitter/receivers exploiting low-cost components and simple electronics, so that the cost of typical line terminals would be affordable to the end-users. The paper presents an overview of the target results and key issues that are addressed by the COCONUT partners.