Russian media report that the missile will weigh up to 10 tons with the capacity to carry up to 10 tons of nuclear cargo.
With that type of payload, it could deliver a blast some 2,000 times more powerful than the bombs dropped on Hiroshima and Nagasaki.
Russia reportedly tested a hypersonic warhead in April that is apparently intended for use on the Satan 2 missiles. The warhead is designed to be impossible to intercept because it does not move on a set trajectory.
The Satan 2 will also be much faster than its predecessor.
A statement from V Degtar and Y Kaverin, listed as the missile's chief designer and leading designer respectively, said the Makeyev Rocket Design Bureau was "instructed to start design and development work" by the Kremlin before a contract was signed in 2011 for the missile's development.
"The prospective strategic missile system is being developed in order to assuredly and effectively fulfill objectives of nuclear deterrent by Russia's strategic forces," the statement reads, according to RT, the Russian government-funded news site.