While scientists have known about the exoplanet since 2015, Kane and his team discovered that it's squarely within the habitable zone - the region in the solar system where the atmospheric conditions could support liquid water.
Wolf 1061 is a red dwarf star located just 126 trillion kilometers (78.3 trillion miles), or 14 light years, from Earth.
While carrying out the research an astronomer at San Francisco State University in the U.S. named Stephen Kane laid his focus of searching "habitable zones", regions where water could exist in a liquid state on the surface of the planet in the presence of sufficient atmospheric pressure.
"It's close enough to the star where it's looking suspiciously like a runaway greenhouse", Kane said. So far though the search for life on other planets has not been conclusive.
An artistic rendering of the exoplanet Wolf 1061c.
Wolf 1061c has been found to be close to the edge of the star system's habitable zone.
A solar system this close, Professor Kane explained, "presents an opportunity for direct imaging of the planet".
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However, the closeness of the Wolf 1061 wasn't the only reason of focus; instead there were also other factors. The exoplanet can neither be too far nor too close to its main star.
The new closest exoplanet that might be like Earth is Proxima Cen b, which was discovered previous year orbiting in the Alpha Centauri system, our nearest stellar neighbors, making it the closest possible potentially habitable exoplanet. For a planet to sustain life on it, it must not be too far or too close to its star.
Exoplanets that orbit too close, a fate which exoplanet Wolf 1061c might have, can, if conditions are met, succumb to a "runaway greenhouse effect", where a warming planetary body finds its heat trapped inside its atmosphere. "Since water vapor is extremely effective in trapping in heat, it made the surface of the planet even hotter". The surface temperature on Venus now reaches around 471 degrees Celsius. Like Earth, the exoplanet's orbit is shifty, triggering periodic changes in its atmosphere - only Wolf 1061c's shifts happen on a more more rapid time scale.
Mr Kane added: "It could cause the frequency of the planet freezing over or heating up to be quite severe".
While Dr. Kane and his team are still in the early stages of their study, astronomy experts with the group Messaging Extraterrestrial Intelligence told Gizmodo that the scientists seemed to be on the right track to possibly finding life.
Scientists say the chance of life existing on Wolf 1061c can't yet be discounted. Wolf 1061 exists in the habitable zone that helped researchers measure the stars in the system.