Look up in the sky! It's a bird! It's a plane! It's... a disabled spy satellite? Yep, expect this bulky gadget to land on Earth sometime in late February or early march, according to U.S. government officials.

The U.S. owned satellite has reportedly lost power - although for an unidentified length of time and why  - and could contain hazardous materials. Gordon Johndroe, spokesman for the National Security Council, said that appropriate government agencies are now monitoring the situation. In the past, numerous satellites have fallen on Earth, but they were all harmless.

Officials are now looking at possible methods to mitigate the potential harm of the satellite when it falls to Earth. Said to be contained in it is hydrazine, a rocket fuel that is in the form of colorless liquid with an ammonia-like odor. It is deemed to be a toxic chemical, harming people who gets into contact with it.

Johndroe refused to comment when asked about the possible use of missiles to shoot down the satellite. However, defense and intelligence expert John Pike said that even with the missile shooting it down, the threat could still remain because of debris that would reenter the atmosphere, which may either burn up or hit the ground.