The magazine, which is thought to be in a similar vein to Time magazine, is expected to launch next year. BBC Magazines is keeping the project under wraps, but it is understood to be linked to some of the BBC's flagship news and current affairs programmes, including Panorama and Newsnight.
BBC Magazines' ad sales director, Ashley Munday, recently moved into a development role at the Corporation, and has been linked to the launch. The broadcaster said this week that Munday is working on an international project.
A spokesman at BBC Magazines this week confirmed that Project Phoenix was under way, but refused to give any further details about what he claimed was a commercially sensitive subject.
BBC Magazines has a remit to publish titles that are directly related to its programming. Last year, it sold its women's monthly, Eve, to Haymarket Publishing.