More details: Aston Martin's Ferrari 488 fighter

Aston Martin CEO Andy Palmer has revealed that the British sports car brand's forthcoming Ferrari 488 rival will be its second model developed in conjunction with the Red Bull Racing Formula I team.

According to Palmer, the compact supercar will be less extreme than the forthcoming Valkyrie hypercar, but will also benefit directly from Formula 1 technology -- especially when it comes to packaging.

Aston Martin has confirmed its as-yet-unnamed supercar, which will also compete with the McLaren 720S, will be on sale around 2020.

Speaking to Australian journalists at this week's Geneva motor show — where Aston revealed a wild AMR Pro version of the Valkyrie — Palmer said that 130 engineers and designers would be embedded in the heart of Aston Martin Red Bull Racing's Milton Keynes UK HQ to specifically design and engineer the mid-engine supercar.

Instead of being based on the same extruded and bonded aluminium platform as the recently launched Vantage, Palmer said the British supercar will be based around an all-new carbon-fibre moncocque with aluminium sub-frames.

Palmer refused to be drawn on what will power the first mid-engine production supercar in Aston Martin's history, but confirmed it will be a "hybrid" that maximises power and offers a "fringe benefit on efficiency".

He ruled out a V12 due to weight, so the safe bet is the mid-engine Aston will come with a version of Mercedes-AMG's 4.0-litre twin-turbo V8, which is now assisted by a 48-volt EQ Boost mild-hybrid system that could boost power to an incredible 600kW.

Palmer admitted the existence of the Valkyrie is owed entirely to paving the way for the mid-engine supercar, which is expected to borrow styling cues and active aero elements from the Valkyrie.

"The reason we do Valkyrie is to prepare the ground for the acceptance of a Ferrari 488 competitor," he said.

"Aston has never done a mid-engine car before but, fast-forward three years, and if you're already famous for the fastest car in the world and you've been in Formula 1 and, hopefully, won a few titles then all of a sudden it's obvious Aston should have a mid-engine supercar."

Aston Martin's relationship with the world famous F1 team could become even closer later this year if the motorsport category's owner Liberty Media and the FIA agree to change engine regulations.

"If they get rid of the heat recovery system it is our intention to develop an independent engine for the 2021 race season," announced Palmer.

Aston Martin's CEO said he was open to supplying F1 engines, which will be created in partnership with Cosworth, to other teams as well as Red Bull.

According to Palmer, current AMRBR drivers Daniel Ricciardo and Max Verstappen will soon be drafted in as development drivers for both the Valkyrie road car and the even faster AMR Pro.

"The [F1] drivers will help us with the development of the Valkyrie because, frankly, there's only going to be a handful of people that will ever be able to extract the performance from it," said the Aston boss.

During the interview Palmer confirmed that up to four right-hand drive examples of the Valkyrie hypercar (pictured) were destined to arrive Down Under after deliveries begin later this year.