Derived from an original proposal made in 1932, the XP-34 was based on a design by air racerJimmy Wedell, who was considered, "one of the most noted race plane designers of its day".[1] The aircraft was a direct result of the development of Wedell's most successful designs, the Model 44 and Model 45.[2] The forward fuselage was intended to be metal, the after part and control surfaces covered in fabric.[1]
The interest expressed from the USAAC was based on the success of the private racing aircraft in the 1930s that were reaching 300mph speeds in competition, a performance level not achieved by standard aircraft types in service in the U.S. military.[2]
On 1 October 1935, the USAAC ordered a full set of drawings and issued the XP-34 designation. It soon became apparent, however, with its original 700hp (522kW) Pratt & Whitney R-1535 Twin Wasp Junior engine, the anticipated performance of the XP-34 would be insufficient compared to designs already in production.
Wedell-Williams suggested substituting the 900hp (671kW) Pratt & Whitney XR-1830 instead. Although the promise of high speed was still there, other considerations such as the complete redesign of the airframe to accommodate a heavier and more powerful engine were considered impractical with the new design subsequently rejected by the Air Corps before any aircraft were built.[2]