The University of the Arts London says it is "committed in principle" to finding a new home for the London College of Communication as part of a "flagship development" in the Elephant & Castle area.
UAL this week announced plans to move the London College of Fashion from Oxford Circus to the Queen Elizabeth Olympic Park.
Announcing LCF's move to 'Olympicopolis', Nigel Carrington, UAL's vice-chancellor, said: "We are also committed in principle to a flagship development in the Elephant & Castle area for London College of Communication. This would keep it close to its roots in a borough which – like Stratford – is enjoying huge investment.
"We hope to announce the location by the end of the year.
"These moves are part of UAL's five year plan to make all of our buildings worthy of a world-class university."
Natalie Brett, head of LCC, said: "London College of Communication has played a significant role at Elephant & Castle for over 50 years. I will be delighted to continue to build our future here."
The university says that both the LCF and LCC relocations could be completed by 2020.
Earlier this year UAL signalled that LCC could leave Southwark.