The Elephant & Castle's southern roundabout will be consigned to history on 11 October when temporary traffic lights come into operation as work continues on the remodelling of the junction.
Over the weekend of 8-10 October the southern roundabout will be converted to a traffic light controlled junction.
Temporary traffic lights will be installed whilst work to install new pedestrian crossings and to fill in the subways underneath the roundabout continues.
Paved areas will be widened, lighting will be improved and extra trees will be planted, while new cycle lanes and advance stop lines for cyclists will also be installed.
Transport for London says that the full £2.9 million scheme, including improvements to the public space around the area, should be completed by spring 2011.
"The conversion of this mammoth roundabout into a junction will be a major step forward in the regeneration of this long neglected area," says Kulveer Ranger, the Mayor of London's transport advisor.
"By smoothing the flow of traffic and improving public space around the Elephant & Castle, we plan to transform the area into a more pleasant place for pedestrians, cyclists and local residents and businesses.
"This work is part of the Mayor's agenda to improve both the operation and look and feel of London."
Cllr Fiona Colley, Southwark Council's cabinet member for regeneration, said: "I'm delighted to be a step closer to getting rid of the unpopular and intimidating subways with this new milestone.
"Every new development brings us further towards the vision for Elephant and Castle, and the improvements to the traffic layout is something that local people are keen to see happening as soon as possible.
"I'm looking forward to working with TfL to address the northern roundabout next."