From The New York Times:

The Defense Department hopes to sign an initial contract with Boeing in the coming weeks to begin the long process of assembling a new presidential aircraft capable of ferrying the commander in chief around the world with the capacity to run a war from midair if necessary. Built on the frame of a Boeing 747-8, it will be bigger, more powerful, able to fly farther and vastly more advanced technologically than the current customized Boeing 747-200B jumbo jet.

“It’s way overdue,” said Joseph W. Hagin, a White House deputy chief of staff under President George W. Bush who initiated plans for a new plane only to see them shelved when the nation’s finances grew precarious. “You can hang new engines on it, you can cram all sorts of new technology on it, but it’s still a very old airplane.”