Architects Foster & Partners and URS have been chosen to design New Covent Garden Market, Property Week has reported.
The team will be led by URS and was appointed by the Covent Garden Market Authority (CGMA).
Chairman of CGMA, Baroness Brenda Dean, said she hoped the brief would focus "on the needs, now and in the future, of tenant businesses which will allow us to deliver a modern and efficient market for the future".
As part of the development, CGMA is drawing up a sustainable business plan for the future of the market.
Famous for its shops and bars, Covent Garden was London’s first square and created on the instruction of Francis Russell, the fourth Earl of Bedford in 1640.
Foster & Partners has designed a number of London’s most famous commercial property, including St Mary’s Axe and the Moor House office development.