Starting in 1985 a further development along the lines of the Mil Mi-40 was sought which would provide higher performance in the "Aerial Infantry Fighting Vehicle" category.
Primary roles included landing troops, providing rapid redeployment, escort, close air support and tactical strikes.
Finally, it was planned that, as the aircraft picked up speed and aerodynamic forces began to have a stabilising effect, the vectoring system would angle the NOTAR nozzle so that it faced straight backward – hopefully allowing the Mi-42 to achieve its required top speed of 380–400 km/h (240–250 mph).
The design was intended to be heavily armoured and carry a mobile forward firing cannon and four hardpoints (equivalent armament to the Mil Mi-28 gunship).
Attempts were made to improve the powerplant and replace the NOTAR system with a series of powered fans.