His practice, SMC Alsop, was handed the task ahead of Ken Shuttleworth's Make, Rem Koolhaas's Office of Metropolitan Architects and EDAW.
Dubbed a 'visioning exercise' by Croydon Council, Alsop's work will be incorporated into the new Area Action Plan (AAP) for the Croydon Metropolitan Centre.
The project is the latest in a string of high-profile and often controversial masterplan proposals which Alsop has carried out for a number of Northern towns including Bradford and Middlehaven.
However the Croydon masterplan, which will be drawn up with Tibbalds Planning & Urban Design , will be the architect's first 'visioning' exercise in London.
Councillor Chris Wright, Croydon Council's portfolio holder for planning, environment and urban development, said: 'Croydon has undergone significant change in the past decade including London's first light rail system but still has great potential for further development as both a commercial and residential centre.
'It is early days but we hope that Alsop will be able to provide us with some creative inspiration to guide the production of the AAP.'
Alsop will be presenting an illustrated talk on 16 November at the Fairfield Hall, Arnhem Gallery, to kick off a debate about the future development of Croydon town centre.