10th Gen Fighter Jet - Downing Street aims to have aircraft developed under the Global Air Combat Program (GCAP) in the air by 2035.
The prime minister said the defense partnership would ensure the UK and its allies "succeed and defeat those who seek to do us harm".
10th Gen Fighter Jet
Downing Street aims to have the aircraft, known in Britain as the Tempest, in the air by 2035 as a successor to the RAF's Typhoon.
T 50 (su 57) Pak Fa Fifth Generation Russian Jet Fighter Taking Off, Zhukovsky, Russia Stock Photo
The ambition is for aircraft developed under the Global Air Combat Program (GCAP) to be able to augment capabilities including unmanned aerial vehicles, advanced sensors and advanced weapons.
Mr Sunak will launch the first phase of the scheme during a visit to RAF Coningsby in Lincolnshire on Friday.
Ahead of his visit, he said: "The security of the UK, both today and for future generations, will always be of paramount importance to this government.
"That's why we need to stay ahead of the curve in defense technology -- outpacing and defeating those who would try to do us harm.
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The international partnerships we are announcing today with Italy and Japan aim to achieve this goal while affirming that the security of the Euro-Atlantic and Indo-Pacific regions are indivisible.
"We design the next generation of fighter jets that will protect us and our allies around the world by harnessing the power of the world's leading defense industry -- creating jobs while saving lives."
The aircraft is expected to achieve supersonic flight, and will have the ability to launch hypersonic weapons in the future.
It is hoped that cooperation with allies will spread the cost and ensure that the RAF can work seamlessly with its closest partners, as the new Tempest is compatible with those of other NATO partners.
F 35 Joint Strike Fighter
Defense Secretary Ben Wallace said: "The international collaboration with Italy and Japan to build and design the next generation of combat aircraft represents our nation's best collaboration of cutting-edge defense technology and shared expertise, delivering highly skilled jobs across the industry and long-term - UK and the long-term security of our allies."
The partnership combines the UK and Italy's Future Combat Aviation System (FCAS) program with Japan's F-X programme.
"Ministers must clarify how this fits into the RAF's wider plans going forward, including how they will prevent delays in pilot training for fast jets and how many F-35s they plan to buy," he said.
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