The distance of a point $P$ from the circle centre $A,$ radius $r$ is $\|AP\| - r.$
The distance of the same point $P$ from the circle centre $A',$ radius $r'$ is $\|A'P\| - r'.$
(I am assuming here that "negative distances" are allowed, as is implied by the diagram in the question.)
The two distances are equal if and only if $\|AP\| - \|A'P\| = r - r'.$
If $r = r',$ then the locus of $P$ is the perpendicular bisector of $AA'.$
(That is, unless also $A = A',$ in which case any point $P$ satisfies the condition.)
If $r \ne r'$ and $\|AA'\| = |r - r'|,$ i.e., if the circles touch internally, then the condition on $P$ is $\|AP\| - \|A'P\| = \|AA'\|$ (if $r > r'$) or $\|A'P\| - \|AP\| = \|AA'\|$ (if $r < r'$). In either of these cases, the locus of $P$ is the ray from the centre of the smaller circle that passes through the circles' point of contact.
If $r \ne r'$ and $\|AA'\| < |r - r'|,$ i.e., if one circle is contained in the other, then by the Triangle Inequality no point $P$ satisfies the condtion.
If $r \ne r'$ and $\|AA'\| > |r - r'|,$ then the locus of $P$ is one branch of a hyperbola whose foci are $A$ and $A'$ and whose eccentricity is $\|AA'\|/|r - r'|.$