Trinity Mirror's new cut-price national newspaper is expected to be called New Day and to be launched within a fortnight.
The company has remained quiet about the launch despite it being more than a month since Press Gazette reported that a team was working on the project.
It emerged that the title was set to launch in late February/early March at the end of January when a Mirror insider described it as the "worst kept secret on Fleet Street".
One well-placed source told Press Gazette the title will target female readers.
The team is being led by Sunday Mirror editor Alison Phillips.
According to the source, journalists working on New Day are on three-month contracts or on secondment, which reflects the "experimental nature" of the project.
Another source told Press Gazette the project was known internally as Project Nightingale.
Sky News today reports that the newspaper will cost 25p. The Guardian, meanwhile, reports it will cost an initial 20p and be aimed at a mid-market audience, in competition with the Daily Mail and Daily Express.
News of the launch comes less than a week after the sale of the i newspaper to regional publisher Johnston Press was confirmed.
The i was launched in 2010, costing 20p on weekdays. It now costs 40p and recorded a circulation of 268,431, including 67,750 bulks.
The Daily Mirror currently costs 60p, making it the most expensive red-top tabloid.
In October, Northern and Shell halved the price of its red-top Star newspapers, with the daily now costing 20p.
The title's average circulation in November was 450,045, up from 403,380 in September, according to ABC.
And the company has also introduced price cuts at the Express, with the Saturday price reduced to 45p – cheaper than the 55p weekday edition.
Last March, Trinity Mirror confirmed it was "evaluating certain of Northern and Shell's assets". But last month Northern and Shell chairman Richard Desmond denied "rumours" of an Express Newspapers sale to Trinity Mirror.