By work of W. Thurston, knots and links in the 3-sphere are known to either be torus links, or to contain an essential torus in their complement, or to be hyperbolic, in which case a unique hyperbolic volume can be calculated for their complement. We employ a construction of Turaev to associate a family of hyperbolic 3-manifolds of finite volume to any classical or virtual link, even if non-hyperbolic. These are in turn used to define the Turaev volume of a link, which is the minimal volume among all the hyperbolic 3-manifolds associated via this Turaev construction. In the case of a classical link, we can also define the classical Turaev volume, which is the minimal volume among all the hyperbolic 3-manifolds associated via this Turaev construction for the classical projections only. We then investigate these new invariants.
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