A method of forming an aluminum alloy having high strength, ductility and toughness, the method comprising: (a) forming an alloy powder consisting of: at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent of iron, and 1 to 20 weight percent chromium; at least one first element selected from the group consisting of: 0.1 to 20 weight percent erbium, 0.1 to 15 weight percent thulium, 0.1 to 25 weight percent ytterbium, and 0.1 to 25 weight percent lutetium; at least one second element selected from the group consisting of: 2 to 30 weight percent gadolinium, 2 to 30 weight percent yttrium, 0.5 to 5 weight percent zirconium, 0.5 to 10 weight percent titanium, 0.5 to 10 weight percent hafnium, and 0.5 to 5 weight percent niobium; comprising no more than 0.1 weight percent manganese, 0.1 weight percent vanadium, and 0.1 weight percent cobalt; comprising no more than 1 weight percent total impurities; and the balance being aluminum with unavoidable impurities; (b) treating the alloy powder with a rapid solidification process to form an amorphous phase aluminum alloy having at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent iron, and 1 to 20 weight percent chromium; and a coherent L1 2 phase having at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent of iron, and 1 to 20 weight percent chromium; at least one first element selected from the group consisting of 0.1 to 20 weight percent erbium, 0.1 to 15 weight percent thulium, 0.1 to 25 weight percent ytterbium, and 0.1 to 25 weight percent lutetium; and at least one second element selected from the group consisting of: 2 to 30 weight percent gadolinium, 2 to 30 weight percent yttrium, 0.5 to 5 weight percent zirconium, 0.5 to 10 weight percent titanium, 0.5 to 10 weight percent hafnium, and 0.5 to 5 weight percent niobium; wherein the rapid solidification process has a cooling rate greater than 10 3 °C/second; and the method further comprising: solution heat treating at 800°F (426°C) to 1100°F (593°C) for thirty minutes to four hours; quenching; and aging at 200°F (93°C) to 600°F (315°C) for two to forty-eight hours. (a) forming an alloy powder consisting of: at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent of iron, and 1 to 20 weight percent chromium; at least one first element selected from the group consisting of: 0.1 to 20 weight percent erbium, 0.1 to 15 weight percent thulium, 0.1 to 25 weight percent ytterbium, and 0.1 to 25 weight percent lutetium; at least one second element selected from the group consisting of: 2 to 30 weight percent gadolinium, 2 to 30 weight percent yttrium, 0.5 to 5 weight percent zirconium, 0.5 to 10 weight percent titanium, 0.5 to 10 weight percent hafnium, and 0.5 to 5 weight percent niobium; comprising no more than 0.1 weight percent manganese, 0.1 weight percent vanadium, and 0.1 weight percent cobalt; comprising no more than 1 weight percent total impurities; and the balance being aluminum with unavoidable impurities; at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent of iron, and 1 to 20 weight percent chromium; at least one first element selected from the group consisting of: 0.1 to 20 weight percent erbium, 0.1 to 15 weight percent thulium, 0.1 to 25 weight percent ytterbium, and 0.1 to 25 weight percent lutetium; at least one second element selected from the group consisting of: 2 to 30 weight percent gadolinium, 2 to 30 weight percent yttrium, 0.5 to 5 weight percent zirconium, 0.5 to 10 weight percent titanium, 0.5 to 10 weight percent hafnium, and 0.5 to 5 weight percent niobium; comprising no more than 0.1 weight percent manganese, 0.1 weight percent vanadium, and 0.1 weight percent cobalt; comprising no more than 1 weight percent total impurities; and the balance being aluminum with unavoidable impurities; (b) treating the alloy powder with a rapid solidification process to form an amorphous phase aluminum alloy having at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent iron, and 1 to 20 weight percent chromium; and a coherent L1 2 phase having at least one of 4 to 25 weight percent of nickel, 1.5 to 20 weight percent of iron, and 1 to 20 weight percent chromium; at least one first element selected from the group consisting of 0.1 to 20 weight percent erbium, 0.1 to 15 weight percent thulium, 0.1 to 25 weight percent ytterbium, and 0.1 to 25 weight percent lutetium; and at least one second element selected from the group consisting of: 2 to 30 weight percent gadolinium, 2 to 30 weight percent yttrium, 0.5 to 5 weight percent zirconium, 0.5 to 10 weight percent titanium, 0.5 to 10 weight percent hafnium, and 0.5 to 5 weight percent niobium; wherein the rapid solidification process has a cooling rate greater than 10 3 °C/second; and the method further comprising: solution heat treating at 800°F (426°C) to 1100°F (593°C) for thirty minutes to four hours; quenching; and aging at 200°F (93°C) to 600°F (315°C) for two to forty-eight hours. solution heat treating at 800°F (426°C) to 1100°F (593°C) for thirty minutes to four hours; quenching; and aging at 200°F (93°C) to 600°F (315°C) for two to forty-eight hours.