The correct option is D a hyperbola
let C1:=x2+y2=a2
C2:(x−2a)2+y2=4a2
So any point P which moving such that distance from one point is constant distance for the C1(0,0) & C2(2a,0)
and PC2PC1=r+2ar+a>1 (where r is radius of the required circle)
So path will be hyperbola