A new tropical storm has developed off Mexico's Yucatan Peninsula and could become a dangerous Category 2 hurricane with an expected Wednesday landfall on the Gulf Coast in the Florida Panhandle region.

Hurricane watches have been issued for northwest and north central Florida ahead of Tropical Storm Michael. Forecasters say Michael could strengthen into a major hurricane as it approaches Florida's coastline by midweek with dangerous storm surge flooding, hurricane winds, and heavy rainfall. Per the latest Weather Channel update, Michael is located 90 miles east of Cozumel, Mexico, and is moving northward at 7mph.