"According to strategy plan there will be around 240 restaurants in Sweden before the end of 2015 and I am confident that our team in Sweden will achieve or even surpass this goal," Fred DeLuca, Subway's founder and president, said in a statement on Friday.
Subway, which was founded by DeLuca as a 17-year-old in Bridgeport, Connecticut in 1965, recently surpassed fellow US fast food provider McDonald's to become the largest restaurant chain worldwide.
From humble beginnings in the US northeast, the firm has grown to 34,246 outlets in 95 countries.
The plans for Subway's Sweden expansion were presented on Thursday on the first day of Fred DeLuca's three day long trip to the country.
Since opening its first franchise in Stockholm in 1999, Subway currently operates 81 restaurants across Sweden, a figure which DeLuca hopes to triple in less than five years.
While most Subway restaurants are concentrated in Sweden's larger cities, plans call for the chain to increase its foot print in other regions as well.
With the Swedish appetite for fast food is reported to be on the rise and Subway now plans to cash in on this trend.
"Swedes eat more fast food than ever and we are seeing increased demand for a fresher alternative to more traditional fast food," Michael Von Bargen of Subway Sweden said.
"We have set an ambitious but realistic goals and to achieve this, we are currently working hard to recruit ambitious franchisees and to identify new strategic locations to establish our business."