Mikhail Shibayev said the first aircraft to be produced is planned to be completed in the second quarter of 2010.
MiG's general director, Anatoly Belov, said the new aircraft will use the most advanced technology, specifically the Zhuk-M onboard radar and cutting-edge avionics.
He said the fighter will be sold both at home and abroad, adding that the company had already received an order for the aircraft from an undisclosed foreign customer.
The plane's integrated weapon control system is built around the Zhuk-M airborne radar, an IR search and track system and a helmet-mounted target designation system.
The fighter has the capability to detect air targets at ranges of up to 120 km and has the potential to attack four targets simultaneously.