Hurricane Olaf has formed far offshore in the eastern Pacific, US forecasters said Sunday.

The storm is currently located some 1,725 miles (2,780 kilometers) west-southwest of the southern tip of Mexico's Baja California peninsula packing maximum sustained winds of 75 miles per hour, the National Hurricane Center said.

Olaf has the potential to become a major hurricane on Monday, but no coastal watches or warnings are currently in effect, according to the Miami-based NHC.

On its current trajectory, Olaf -- the 11th hurricane of the eastern Pacific season -- would stay away from land and out over open water in the coming days, it said.