Transport for London has launched a public consultation on the look and feel of the proposed public square which will replace the Elephant & Castle roundabout.
Plans for the new space – named 'Elephant Square' – include a new location for the Elephant & Castle sculpture that currently sits outside the shopping centre, and an orchard of fruit trees.
However the full works are unlikely to be completed for at least eight years.
"Our plans will not only make the area safer for cyclists and pedestrians, they will also transform it into a great new place where people can come together to meet and socialise," said
Isabel Dedring, London's deputy mayor for transport.
"The changes will support the wider regeneration of Elephant & Castle, which is driving the creation of 5,000 new jobs, 4,000 new homes, a new shopping centre and a new Tube station for the Northern line."
Leon Daniels, managing director of TfL's surface transport division, said: "More than 80 per cent of people came out in support of our plans to radically transform the Elephant & Castle roundabout and this further consultation outlines how we plan to make the new area a place where anyone could relax, enjoy a coffee or catch up with friends.
"We look forward to hearing people's views on these bold and transformative plans as we gear up to start work on the major highway and public area improvements next year."
Cllr Mark Williams, Southwark's cabinet member for regeneration, planning and transport, said: "Opening out areas around Elephant & Castle's main transport links will create vibrant new public spaces for the local community as well as supporting a safer transport network, and is a significant part of the council's own regeneration of the area.
"The new plans put the people who live and work in the area at the heart instead of making the focus just about the traffic that passes through."
The plans will be exhibited at Draper TRA Hall on Tuesday 25 November and Thursday 27 November, at Elephant & Castle Shopping Centre on Saturday 29 November and the Keyworth Centre on Tuesday 2 December and Thursday 4 December.
The proposals will also be available to view at John Harvard Library until Monday 22 December.
The closing date for public comments is Monday 22 December.