Sources said that the new title, which has the working name of "Project River", will be an online offering targeting women.
Mike Soutar, the chief executive of ShortList Media, declined to comment on the proposed launch, saying that the publisher is "more than busy" with the debut of the daily e-mail service Mr Hyde, which targets "career-focused men".
Last year, ShortList Media launched its daily e-mail service for women called Emerald Street. It is thought that "Project River" involves plans for a broader, web-based offer.
ShortList recently recorded a circulation figure of 529,010, according to the Audit Bureau of Circulations. Stylist's circulation was 431,266.Follow @nickbatten2