F1 design legend Adrian Newey achieving dream with Aston Martin

The project, codenamed AM-RB 001, was announced in Melbourne on Thursday with Aston Martin to become an "innovation partner" of Red Bull in Formula 1.

Newey, designer of 10 world championship winning cars in a career spanning nearly 30 years, stepped back from the day-to-day involvement with Red Bull last year, performing more of a consulting role.

That role will remain the same this season, with Newey combining his Red Bull duties with the road car project that he began working on at the start of 2015.

"From the age of six I have had two goals in life - to be involved in the design of racing cars, and to be involved in the design of a supercar," said Newey.

"Whilst the former ambition went on to form my career to date, the latter has always bubbled away, resulting in countless sketches and doodles over the years.

"The opportunity to now develop and realise those ideas whilst working with Marek [Reichman, Aston Martin chief creative officer] and his colleagues from Aston Martin is tremendously exciting.

"It allows us to translate the technology we have developed in F1 into a new arena."

Red Bull team principal Christian Horner added: "This is a very exciting project for everyone at Red Bull Racing.

"Red Bull Advanced Technologies, led by Adrian, will be harnessing our Formula 1 DNA to produce the ultimate of all road cars.

"It's an incredible project which also realises a dream and vision long held by Adrian to design a road car.

"We are very much looking forward to what I'm certain will be a successful partnership."

As part of the deal, the Aston Martin name will appear on the rear of the Red Bull's sidepods and on its nose from the season-opening Australian Grand Prix.