An asteroid spotted last year that was said to have a 1 in 500 chance of hitting Earth in 2040 is now even less likely to impact the blue planet, like was similarly depicted in the popular 1998 flick "Armageddon."

Space.com reported a new study found the 460-foot-wide asteroid called AG5 will bypass Earth completely.

The asteroid circled in yellow was previously thought to be on a direct path for Earth when it was identified. New studies have said it will miss the planet completely. (Image: Gemini Observatory via Space.com.)

More specifically, Space.com went on to note the asteroid is expected to miss the planet by 550,000 miles -- that's twice the distance between Earth and them moon.

This study confirms a previous one that came to similar conclusions earlier this year.

Location of AG5 as of June 15,2012. (Image: NASA/JPL-Caltech via Space.com)

"These were extremely difficult observations of a very faint object," Richard Wainscoat, a member of the team of researchers that monitored 2011 AG5 said in a statement, according to Space.com. "We were surprised by how easily the Gemini telescope was able to recover such a faint asteroid so low in the sky."

Related:

• Want to See an Asteroid the Size of a Skyscraper Flying by Earth? Here's the Vid. 
• 1,600-Foot Wide Asteroid Headed for Earth in 2036...Can Scientists Stop It?
• The World Could End Like This: Stunning Video Simulation of an Asteroid Hitting Earth

Featured image via Shutterstock.com.

(H/T: MSNBC)