The magazine is thought to be aimed at women in their 30s and will be a cross between The National Magazine Company's Good Housekeeping and Hachette Filipacchi's women's title Red.
Earlier this week, Conde Nast announced that it had poached NatMags' Good Housekeeping publishing director, Chris Hughes, to lead the project.
Conde Nast refused to comment on the launch and on whether it is talking to agencies. It is set to make an official announcement at the beginning of next week. A Conde Nast spokeswoman said: "I can confirm that Hughes is coming over to us when his contract at NatMags expires and that he will be working on a new project."
Meanwhile, at NatMags, the executive group publishing director, Liz Kershaw, who has overall charge of Good Housekeeping and Country Living, will assume publishing responsibility for Good Housekeeping until the company finds a replacement for Hughes.
Duncan Edwards, the managing director of NatMags, said: "Chris has done a wonderful job for us in various roles over the past 11 years and we wish him every success."
The Conde Nast launch comes as the major publishers gear up to launch several titles. NatMags is set to introduce a women's weekly, Reveal (Campaign, 21 May), backed by a £10 million marketing budget. Clemmow Hornby Inge and Initiative have been tasked with the new magazine's promotion.
The women's lifestyle market saw overall growth in the last set of ABC circulation figures. Easy Living's potential rivals Good Housekeeping and Red both increased their circulation. Good Housekeeping is the number- three title in the market with an ABC of 415,730, while Red grew 2.5 per cent year on year to 196,719.