Our recent detection of compact radio emission at the position of the ultraluminous X-ray source (ULX) IC 342 X-1 suggests the presence of an outflow in this object. This new finding combined with the fact that this source is mostly seen with a hard X-ray spectrum allows us to identify the source as in the `hard' state similar to that seen from Galactic black hole binaries. Thus, we expect a high level of aperiodic variability. This probably makes IC 342 X-1 the best candidate to date for timing studies. We propose to observe IC 342 X-1 to look for broad band timing noise, spectral break and possible quasi-periodic oscillations in its power spectrum. This may allow for strong constraints to be placed on the mass of the central object.