The treatment called ATX-101 is administered through a series of 40 to 70 mini-injections and works by dissolving small volumes of fat cells.
Early tests of the drug, developed by German pharmaceutical firm Bayer, have found it to be "safe and tolerable".
"This minimally invasive procedure, done with little or no anaesthetic, has the promise to yield consistent and meaningful results," a spokesman for Bayer was quoted as saying by the Daily Mail.
Current treatments all involve surgical procedures such as liposuction.
The procedure, which has been likened to having a tattoo, is aimed at "reducing localised fat under the chin".
The company claims that the drug should yield noticeable results after around 16 weeks.
Scientists will now trial the drug on 720 people at 64 centres around Europe, including the UK.
If all goes well Bayer plan to launch it in Europe, Asia and Latin America in 2014.
The company has estimated ATX-101 could generated 207 million pounds in annual sales.
Professor Dr Jean Paul Ortonne, who has worked on the clinical trial said: "There is a huge demand for a safe, effective and approved injectable treatment for localised fat reduction."