The Waterspeed Collection will be inspired by the Rolls-Royce R-Type-powered craft that Sir Malcolm Campbell used in his water speed record attempts back in 1937.
Taking to the wheel of his Bluebird K3 hydroplane boat, Sir Campbell set a record of 126.2mph on his very first attempt at Lake Maggiore on the Swiss-Italian border on September 1 1937. He later hit 129.5mph, ripping the record from the United States who had previously held it for five years.
"Sir Malcolm Campbell's successful pursuit of world-speed records on land and water were the result of his commitment to the most exacting standards of British design and engineering excellence," said Müller-Ötvös.
"Such attributes are hallmarks of every Rolls-Royce motor car, ensuring the marque's position at the pinnacle of super-luxury manufacturing."
The Bluebird Waterspeed boats will inspire the exterior design of the limited edition Phantoms, with classic blue hues and wooden inlays used throughout the exterior.
More information will be released soon, with first glimpses likely to happen at this year's Geneva motor show later next month