The developers of the Elephant & Castle Shopping Centre are joining forces with the University of the Arts London to include a new campus for the London College of Communication in their plans.
Southwark-based firm Allies and Morrison has been appointed as the lead architectural practice on the scheme.
The Elephant & Castle Shopping Centre is owned by Delancey's client fund DV4 and pension fund asset manager APG.
Jamie Ritblat, on behalf of Delancey and APG, said: "It is our ambition to build upon the vibrant culture of the area and excellent zone 1 transport links to create a thriving new destination for London and the local community – complete with world class educational and cultural facilities, increased residential provision and an improved retail offer."
A spokeswoman for Delancey was unable to clarify whether the current LCC site would form part of the scope of the new development.
A public exhibition of the new proposals will be held later this summer.
Last autumn the University of the Arts London said it was "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.