Psyche is both the name of an asteroid orbiting between Mars and Jupiter — and the name of an ASU-proposed mission to visit that asteroid. The mission was chosen by NASA as a semi-finalist for the agency's Discovery Program, a series of low-cost missions to solar system targets. NASA is expected to make its decision by late 2016.
If the Psyche Mission is chosen for flight, the spacecraft will likely launch in 2020 and travel to the asteroid using solar-electric (low-thrust) propulsion. After a six-year cruise, the mission plan calls for 20 months spent in orbit around the asteroid, mapping it and studying its properties.