Rolls-Royce will have a new convertible ready for showrooms by mid-2016.

The new vehicle is expected to be a "drophead" version of the current Rolls-Royce Wraith coupe, according to Edmunds.

The name or pedigree of the vehicle has not been announced yet. There is a good chance the convertible will be called the "Wraith Drophead," though some in the company would like to revive the old Corniche name.

"We are currently developing an exciting and thoroughly contemporary interpretation of a pinnacle drophead tourer which will introduce even more discerning men and women to Rolls-Royce ownership," said Torsten Muller-Otvos, Rolls-Royce CEO in a statement, according to Edmunds.

There is a good chance the new drop-trop will compete for sales against the likes of the 2015 Bugatti Veyron 16.4 Grand Sport Vitesse, Porsche 911 Turbo S convertible, and the Aston Martin V12 Vantage S Roadster.

Rolls-Royce expects its new convertible to "play a key part in fulfilling Rolls-Royce Motor Car's commitment to long-term sustainable growth."

The automaker is currently putting its new convertible through prototype testing.

"The car will build on the success of (the Rolls-Royce) Phantom, Ghost and Wraith by continuing to boldly shape the future of the marquee with contemporary, graceful and sensuous styling," the automaker said, according to Edmunds. "It will deliver effortless, open-top touring through the perfect marriage of modern Rolls-Royce luxury, style and elegance with an engaging and exhilarating driving experience."

Details regarding the vehicle's U.S. launch date and price aren't available yet.

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