According to Emap insiders, Project Dizzy is one of four possible launches in development, not all of which will make it to the newsstand.
There has been widespread industry speculation that Emap was planning to launch a men's version of Grazia, although the limited number of advertisers in the men's fast-fashion market could limit its potential.
Conde Nast made an ill-fated move into the men's shopping-magazine market in 2004 with bi-monthly title Cargo, which was aimed at 25- to 45-year-olds. The title folded earlier this year.
Sources suggest Project Dizzy is intended to provide more serious sports coverage than that available in Emap's Zoo and rival IPC's Nuts.
A spokeswoman for Emap refused to comment on the plans, but said: 'We are always looking at a number of potential new launches.'