The project was first revealed in Media Week (13 June, 2006) and was originally tipped to launch the following spring and, subsequently, was widely expected to get the final go-ahead to launch this autumn
But industry observers believe the project has been shelved until next April or May because of sensitivities over the recent announcement of cost cuts, involving job losses within the BBC's TV news and factual programming areas.
The BBC refused to be drawn on a launch date.
A spokesman said: "BBC Magazines treats all launches and special projects as confidential until they have been approved."
It is understood that Lipton Fleming, the recruitment company for the project, has also been left in the dark over the project.
Dan Reeves, commercial director at Dennis Publishing's news weekly The Week, said: "We knew that the autumn launch was looking very unlikely with all that's been going on over there.
"But it has been on the BBC agenda for years and it would not surprise me at all if it was launched next spring.
"It would be great news for the market to have a new entrant from someone like the BBC. If anyone is going to find a position for a new product, then they will."
Group commercial director for The Spectator, Nick Spong, said: "It's one of those things that has been shelved and shelved and shelved - but anything that would shout about how good our sector actually is and give it a voice would be welcomed."
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