The new edition will launch on June 6 and be available by subscription and at around 2,000 outlets across New York and New Jersey.
Robert Thomson, Times editor, said the move follows a growing interest in The Times Online in the US and hopes it will be a "key moment in the development of The Times as an international media brand."
He added: "The Times has one of the largest international networks of any newspaper in the world and US readers want and need sophisticated global political and economic coverage."
The new edition will be printed at the New York Post presses and edited by John Mair, editor of the paper's international edition.
A spokeswoman for the paper said that the new venture will essentially be a repackaged version of the paper's international edition, tailor-made for a US audience. She said: "This is a sensible move because we already have a strong editorial presence in the US, covering Washington, the west coast and New York."
This latest development for one of Rupert Murdoch's flagship News International brands comes just weeks after latest ABCs showed a fall for The Times.
The paper was down 2.26% month on month to 654,813, its lowest figure since December 2004.
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