Aston Martin CEO Andy Palmer has confirmed to Autocar the development of a third mid-engine model at the British automaker.

The first mid-engine model will be the Valkyrie, which starts deliveries next year. Just 175 will be built, 25 of which will be the Valkyrie AMR Pro track special.

The second mid-engine model will be a more attainable car arriving around 2020 to challenge the likes of the Ferrari 488 GTB and McLaren 720S. It's one of the seven core cars in Aston Martin's Second Century plan, meaning it will become a permanent fixture in the automaker's lineup.

The third mid-engine model, referred to by insiders as the “brother of the Valkyrie,” is expected to arrive around 2021 and have a price tag in excess of $1 million. It will likely be one of Aston Martin's special series models; Aston Martin plans to launch two special series models each year as part of the Second Century plan.

Aston Martin Valkyrie AMR Pro

Aston Martin Valkyrie AMR Pro

“We have more than one mid-engined project underway, more than two if you count the Valkyrie,” Palmer confirmed to Autocar. “This new project will draw on all the know-how we’ve taken from the Valkyrie, as well as some of its visual identity and engineering capability, and bring it to a new sector of the market.”

The sector he's referring to is where cars like the Ferrari LaFerrari and McLaren P1 sit, i.e. above the level of more mainstream supercars like the 488 GTB and 720S but below the stratospheric level of the Valkyrie and rival Mercedes-AMG Project One.

And as is the case with the Valkyrie, development will likely be handled with the Red Bull Racing Formula 1 team. Aston Martin is the title sponsor of the team and is constructing the Advanced Performance Center at the team's headquarters in Milton Keynes, United Kingdom. Here, the two organizations will work together to develop cars and other products leveraging F1 technology.

All of this is happening in parallel with Aston Martin's regular cars, which in addition to the DB11 and Vantage will soon include a new Vanquish and DBX SUV and eventually two electric cars to serve in a revived Lagonda ultra-luxury brand. It's definitely exciting times ahead at the British automaker.