The Nasa space agency has joined Boeing, Lockheed Martin and Gulfstream in a bid to create a successor to Concorde that can fly from London to Sydney in just four hours.
A prototype for a new supersonic jet will be unveiled at the Farnborough air show next month as all three companies believe they are close to reducing the sonic boom "closer to a puff".
A Gulfstream engineer told the Daily Mail: "The fact that the big boys are all close confirms industry rumours that a new generation of supersonic planes is now, finally, within reach."
The Concorde flew up to 1,358mph, but lighter composite materials, more advanced engines, and smaller fuselages will see the new supersonic jet travel twice as fast.
According to the Daily Mail, passengers will travel at speeds of more than 2,485mph, allowing them to reach Sydney - 12,000 miles away - in four hours.
The fastest subsonic executive jet in existence now, Gulfstream's new G650, can fly 7,000 miles at a 646mph and has a top speed of just 704mph.
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