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The redevelopment of the New Covent Garden Market site in Vauxhall has been given the go-ahead by the government.
Hilary Benn, secretary of state for environment, food and rural affairs gave the project the green light.
He said: "I'm really pleased to be able to give the go ahead to the redevelopment of the market. The market authority has worked extremely hard to produce comprehensive plans for a new site for their tenants."
The project will cover 540,000 sq ft and help make the market sustainable to operate in the long term.
More detailed plans will now follow and the Covent Garden Market Authority will be looking for a private partner to help with costs.
The scheme will help 250 companies and become one of the largest development opportunities in London.
The commercial property market in London is experiencing a down turn and advisors to the Authority said they will "continue to monitor the state of the property market carefully", Property Week has reported.
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