Skydiver Felix Baumgartner is set to plummet from the edge of space down to earth in a 120,000-foot jump that will set a new record for the sport of skydiving. This feat would make Baumgartner the first man on earth to ever break the sound barrier in freefall.

The world-renowned Austrian skydiver is set to leap from a capsule suspended from a balloon filled with helium on the edge of space. The mission will take place this coming August and the jump will drop Baumgartner 120,000-feet at supersonic speed back into earth in temperatures as low at -94 degrees.

SEE VIDEO OF FELIX BAUMGARTNER TAKING HIGHEST BUILDING BASE JUMP HERE

Popular energy drink company Red Bull will be sponsoring the jump. The company has been working with Baumgartner, known as the world's best BASE jumper, for three years in developing the project, which will see him courageously skydive from 23 miles above the earth's surface.

"This project is set to be a landmark for Felix and Red Bull, and also for human and scientific endeavor breaking four world records," a statement regarding the project on Baumgartner's website reads.

The records set to be broken include a record for the highest altitude freefall, longest distance for freefall, fastest speed for freefall, and an altitude record for highest manned balloon flight.

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"It will challenge limits that have existed for almost 50 years, whilst gaining data which will help further development into space exploration," Baumgartner's statement added.

The jump was originally scheduled to take place in 2011 but legal issues prevented the project from moving forward.

Baumgartner has set several world records in his skydiving career. In 1999 the athlete set a new record for the highest parachute dive from the Petronas Towers in Malaysia and in 2003 he became the first person to cross the English Channel through skydiving.