The corporation's commercial arm, BBC Worldwide, today confirmed that it was developing the new magazine.
Worldwide already publishes BBC Good Food, which outsells all other UK cookery titles except for Safeway, Asda and Somerfield's instore magazines. It has a circulation of 342,000, up 6% over the last year in the most recent ABC figures.
Orlando Murrin, editor of Good Food, has been appointed editorial director of Project Olive. The new title is thought to be a glossy with a five-figure print run, which will feature well-known chefs.
The BBC has relationships with a brace of celebrity cooks, including Delia Smith, Antony Worrall Thompson, Gary Rhodes, Ken Hom and Ainsley Harriot.
A name and a cover price have yet to be decided, and the BBC would not reveal whether the magazine would be weekly, monthly or seasonal. It is likely to hit newsstands in late September or early October.
Publishing director Ashley Munday said: "We've already demonstrated our unrivalled success in the food sector with the market leader, BBC Good Food Magazine, and this title will occupy a distinctive position in the market, attracting a new audience to food magazines."
Murrin said that some of his team had already been recruited and others would be joining soon.
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