An Ofcom spokesman said the regulator is working on a discussion paper, to be published between autumn and the end of the financial year, which will set out some of the options for the PSP.
The idea for a content provider that would give the BBC competition in public service programming was first floated in November 2004.
It has emerged, though, that Ofcom favours a model based on new media.
Ofcom's deputy chairman, Philip Graf, said: "It needs to capture the imaginations of the 16-24 cohort, who will be the twenty to thirtysomethings cohort by switchover."
Graf also reiterated Ofcom's previous assertion that the PSP budget could reach £300 million a year.