Designed by award-winning architectural team, Stanton Williams and Asif Khan with Julian Harrap Architects, the plans will see the former meat market buildings renovated and converted into a museum.
With more space to create blockbuster exhibitions with a broader appeal, the museum said it will recast its relationship with London and Londoners and secure its place as one of the Top 10 attractions in the capital.
Sharon Ament, Director of the Museum of London, said: “The new Museum of London will transform what a museum should be as we will become a shared space in the middle of it all, in the middle of London and in the middle of ideas and our shared history.
“We’ll showcase the London Collection, our 7 million objects, and tell the story of London and Londoners in some of the best examples of British architecture in the city. An integral part of the Culture Mile, the new museum will educate in a world-class learning centre, inspire with our high-impact exhibitions and be a space where people come together to relax and reflect in the centre of everything.”
Catherine McGuinness, Policy Chair, at the City of London Corporation, said: “The new Museum of London will be a welcome addition to the City of London’s Culture Mile, an asset for Londoners, and undoubtedly a very popular destination for anyone with a thirst for learning about the capital’s rich and vibrant history.
“The arts and culture sector is essential to the Square Mile, not just because it enriches people’s lives, but also because creative businesses contribute a huge amount to the UK’s economy.”
The Museum said its aim is to submit a planning application by the end of 2019, with the opening expected in 2024.