Created by The Independent, i is designed for readers who want a concise, quality daily paper and will cost 20p.
Distributed nationally from Monday to Friday, i will complement an improved Independent, which will have a distinctive new look and feel and will remain priced at £1.
The title i is targeted at "readers and lapsed readers of quality newspapers, and those of all ages who want a comprehensive digest of the news in printed form".
A statement from The Independent said: "[The paper] will combine intelligence with brevity and depth with speed of reading, providing an essential daily briefing."
The launch will be backed by a significant outdoor advertising campaign, created by Trevor Beattie of Beattie McGuinness Bungay (BMB).
Alexander Lebedev, director of Independent Print Limited, owner of The Independent, said: "My commitment is to a strong, vibrant free press as well as creating innovative media ventures with first-class journalism."
His son Evgeny Lebedev, chairman of Independent Print Limited, added: "I am very proud to launch i, which will be the first quality daily paper to have launched in Britain since The Independent itself in 1986.
"My father and I believe that a free press is a fundamental tool of a democracy, and we believe that newspapers still have a future, and a very important one.
"We have shown by our investment in the London Evening Standard that, even in these highly competitive times, it is possible to revive a brand, and we aim to do the same with The Independent by the launch of i and the improvements to the parent paper."
The paper i will be edited by The Independent’s editor-in-chief Simon Kelner, who said: "With the launch of i, we are again doing something radical and new, creating a paper for today that retains the essential qualities of The Independent.
"Ever since The Independent launched, the paper has had a reputation for innovation and boldness and now we are creating the first post-modern newspaper, attractive to those who prize intelligence, convenience and desirability."
Andrew Mullins, managing director of The Independent, said: "Quality newspapers provide a highly valuable audience for advertisers, but recently print circulations have been in decline and the average age of the audience has been increasing.
"Time-poor newspaper readers, and especially commuters, have been telling us for years that they are inundated with information and just don't have the time to read a quality newspaper on a regular basis.
"We are creating a newspaper for the 21st century that is designed for people who have a thirst for information and entertainment in the limited time they have available. I is a reader-led newspaper with broad reach and intelligence."
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