FT.com live desk will cover 'world events and business news from around the world'Credit: Chris Young/PA
The project, which has been in the pipeline for some time, will be led by Ben Fenton who until now has been the title's media correspondent.
He will lead a team of reporters on the breaking news operation, the size of which has yet to be confirmed.
The initiative aims to provide a "more live response" to developing stories and get a well-written first version online quicker, while freeing up specialised reporters to develop a longer take on the story.
FT.com editor Robert Shrimsley told Journalism.co.uk: "We think it's a natural evolution in the development of our digital offering.
"I was really pleased that Ben could come and do this. It's really important to have experienced and well-regarded journalists doing this."
Fenton wrote on his blog: "I am finally moving on to a new role that the FT has been keeping warm for me for several months.
"I am going to be overseeing the creation of a new live news desk, with live-blogging, Tweeting and rolling news stories about world events and business news from around the world."
Fenton said he was meant to start the job last year, but the "extraordinary events" surrounding the phone-hacking story and the Leveson inquiry caused the launch to be postponed.
He added: "Now, it's been decided that if we wait, it could be years before this story slowed down, so I'm pressing on in this new role.
"I am very, very eager to get on with a new project that will test every sinew of my poor old reporter's body."
In other FT news, the publisher has been awarded the best mobile innovation award for for its web app at the Global Mobile Awards in Barcelona.
The HTML5 app, which launched last June, includes automatic content downloads and the ability to read offline and has attracted more than 1.7 million visitors, according to the group.
FT.com managing director Rob Grimshaw said in a release: "We are delighted with the success of the FT Web App, which has been embraced equally enthusiastically by both our readers and the global mobile community.
"This award recognises the FT’s mobile leadership and groundbreaking strategy and will be a catalyst for more exciting FT mobile innovation. Mobile is an increasingly important channel for the FT, driving 15 per cent of subscriptions and 20 per cent of traffic to FT.com."