Official sources said that a tripartite agreement n this regard is likely to be signed between DRDO, NPOM lab of Russia and BrahMos Aerospace.
The new missile will have a speed of Mach 3.5 and can carry a payload of 300-kg up to a range of 290-km. In terms of size, it will be about half that of the present missile, which is around 10-metres long.
The missile can be integrated with different platforms, including submarines and the Fifth-Generation Fighter Aircraft.
BrahMos Aerospace, an Indo-Russian joint venture firm set up in 1998, feels that the new missile would be inducted into the services by 2017 and there would be a huge market in India, Russia and friendly foreign countries.
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The BrahMos missile can be launched through land, air, ships and submarines.
While the Army and Navy have already started inducting land and sea-based Brahmos missile systems, the air launch variant is set for trials soon.
India had last year successfully carried out the maiden test firing of the over 290 km-range submarine-launched version of BrahMos supersonic cruise missile in the Bay of Bengal, becoming the first country in the world to have this capability.