The gigantic space rock, designation 2016 NF23, will make a so-called "near earth approach" in the early morning hours on Wednesday 29 August.
The American space agency NASA warned that the asteroid will skim the planet next week around 1 o'clock in the UK.
NASA expects Asteroid NF23 to travel to the planet at terrifying speeds of 20,000 mph (9 km per second).
The asteroid is estimated to be somewhere between 230ft (70m) and 524ft (160m) in diameter, which means the potential is greater than the Great Pyramid of Giza in Egypt.
The asteroid is so large that it is on the list of potentially dangerous asteroids from NASA.
A space rock that is so big could kill millions and wipe out an entire city in the blink of an eye if it were to hit the planet at full speed.
So what exactly is the risk of Asteroid NF23 for the earth?
It is true that the asteroid is called a potentially dangerous space rock, but there is absolutely no fear from NASA's astronomers who will hit NF23 quickly.
On August 29, the asteroid will safely pass the planet at a distance of about 0.0338 astronomical units, which translates to more than three million miles (4.8 million km).
This dizzying distance is about 13 times the average distance from the earth to the moon.
Lindley Johnson, a planetary defender at NASA's Washington headquarters, assured that there is absolutely nothing to fear from the asteroid.
He told Space.com: "There is absolutely nothing to worry about with this 2016 NF23 pass.
"This object is only called a Potentially Dangerous Asteroid (PHA) because its orbit in the course of time forms wings within five million miles of Earth's orbit, but there is nothing dangerous to the Earth or even unique to this passage of the asteroid. "
Asteroid NF23 is a so-called near-earth object (NEO) – an asteroid or comet that slides dangerously close to the planet.
NASA & # 39; s repository of NEO asteroids is not a database of space rocks that will ever strike, but their close approach is enough to justify the interest of the space agency.
In 2017, NASA said that none of the currently-labeled asteroids in space have been on a collision course with Earth for at least another 100 years.
NASA & # 39; s Jet Propulsion Laboratory (JPL) also said: "NASA knows that there is no asteroid or comet on collision with the Earth, so the chance of a major collision is rather small.
"In fact, as well as we can see, there will probably not be a large object on the earth for the next few hundred years.
"In order to better calculate the statistics, astronomers have to detect as many of the near-Earth objects as possible."
The space agency said it might be too late for the dinosaurs, but astronomers are actively working to keep people alive.