This remote Kuiper Belt object (KBO) known as 2014 MU69 was one of two identified as potential destinations and the one recommended to NASA by the New Horizons team.
Although NASA has selected 2014 MU69 as the target, as part of its normal review process the agency will conduct a detailed assessment before officially approving the mission extension to conduct additional science.
"Even as the New Horizon's spacecraft speeds away from Pluto out into the Kuiper Belt, and the data from the exciting encounter with this new world is being streamed back to Earth, we are looking outward to the next destination for this intrepid explorer," said John Grunsfeld, chief of the NASA Science Mission Directorate at the agency headquarters in Washington.
Like all NASA missions that have finished their main objective but seek to do more exploration, the New Horizons team must write a proposal to the agency to fund a KBO mission.
Also Read
That proposal - due in 2016 - will be evaluated by an independent team of experts before NASA can decide about the go-ahead.
Early target selection was important; the team needs to direct New Horizons towards the object this year in order to perform any extended mission with healthy fuel margins.
Any delays from those dates would cost precious fuel and add mission risk, NASA said.
New Horizons was originally designed to fly beyond the Pluto system and explore additional Kuiper Belt objects.
The spacecraft carries extra hydrazine fuel for a KBO flyby; its communications system is designed to work from far beyond Pluto; its power system is designed to operate for many more years; and its scientific instruments were designed to operate in light levels much lower than it will experience during the 2014 MU69 flyby.
As such, PT1 is thought to be like the building blocks of Kuiper Belt planets such as Pluto.
Unlike asteroids, KBOs have been heated only slightly by the Sun, and are thought to represent a well preserved, deep-freeze sample of what the outer solar system was like following its birth 4.6 billion years ago.