Target Florida?: 'Nicole' may be taking shape in NW Caribbean (UPDATED

 UPDATED, 8:30 a.m. EDT -- As of 8 a.m. EDT, there remain an 80 percent chance that the system would develop into a tropical cyclone within the next 48 hours.

"This system has the potential to become a tropical or subtropical cyclone before merging with a frontal system near the Florida peninsula by late tomorrow," the National Hurricane Center said in its latest advisory. "An Air Force reserve unit hurricane hunter aircraft is scheduled to investigate this system later today."

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As of 5:10 a.m. EDT, the National Hurricane Center said that with "only a little more organization," a system of thunderstorms in the northwestern Caribbean Sea would turn into a tropical depression or tropical storm.

"Interests in Cuba, the Cayman Islands, the Florida Keys and the central and southern Florida peninsula should monitor the progress of this system," an advisory states.

If the system develops into a tropical storm, it will be named "Nicole."

Here's what the latest computer models say about the system's possible tracks.