The title, which will launch in October, will be free with The Times one Thursday a month and will cover a range of environmental, science and green issues.
James Murdoch, chairman and chief executive of News Corporation's business for Europe and Asia, is thought to be behind the new magazine. Soon after joining News International from BSkyB, he pledged to make the company carbon neutral, by offsetting its carbon output with numerous green initiatives.
Eureka is expected to be similar in size to magazines such as TV Times, but will have a smaller pagination. It is thought the editorial content will be derived from existing and new journalists.
The new launch will complement The Times' existing science output, which includes a dedicated section on TimesOnline.
News International is also overhauling its Sunday Times Style magazine later this year, in an effort to lure more readers to the market-leading quality Sunday title. News International confirmed the launch of Eureka, but declined to comment further.