Tropical Storm Milton formed in the Gulf of Mexico on Saturday afternoon with the risk of "life-threatening impacts" to Florida's west coast, according to the National Hurricane Center.

A new storm, which became Tropical Storm Milton on Saturday, is forecast to strengthen to a hurricane before taking aim on Florida this week. Milton is expected to strengthen to a hurricane on Monday morning and then make landfall along the Florida Peninsula on Wednesday.

A tropical storm will likely develop in the Gulf of Mexico late this weekend or early in the week, according to the National Hurricane Center. Forecasters said Friday night that there is a 70% chance of development over the next seven days and a 30% chance in the next 48 hours as the system of low pressure makes its way to Florida.