The luxury sports car manufacturer has teamed up with jet engine makers Rolls-Royce and an engineering team at Cranfield University on the futuristic project, which they are describing as a "sports car for the skies".
A concept aircraft was unveiled during the Farnborough Airshow, but according to the BBC, Aston Martin hopes to have a flying version ready for the next show in two years.
The company allege the vehicle will be a three-seat hybrid-electric craft, which will operate through a vertical take-off and landing.
James Stephens, the company's director of global government, said: "Personalised and electric air transport is a fast-developing area and we need to start getting into it.
"We, in the UK, have the ability to develop this. The challenge is time, money and regulation. But the market will be there eventually."
The aircraft has been dubbed the Volante Vision Concept, and will feature autonomous technology, and be able to hit speeds of up to 200mph.
Carl Bourne, Rolls-Royce's strategy and business development head, pitched the Volante as being an alternative way to escape urban congestion and quickly move between big towns and cities.
He added: "Unlike a private plane, it will be vertical lift. Unlike a helicopter, it will cruise more efficiently."
As of the time of writing, despite Aston Martin being keen to get a flying version of the craft ready for the Farnborough Airshow in two years time, there is no time scale of when the Volante will be ready for commercial use.