The plans are said to be in a very early stage, and are being kept tightly under wraps, but and are rumoured to have been commissioned by major developer, British Land.
It is suggested that the scheme will include a number of buildings, including an 18-floor, 32,000m 2office block.
The designs are said to feature glass-cladded exteriors, with two large atriums separating the buildings.
The project is located on the north-east quadrant of the Regent's Place development off Euston Road, and was believed to have included Crown Estates at one point before British Land took over the scheme entirely.
The development is said to be one of the largest projects left in that area of London, and adds another major development to British Land's ever-increasing list.
The developer is currently involved with Richard Rogers' massive 48-storey Leadenhall building, based in the City of London, as well as Gensler Architects' Ropemaker Place scheme on the fringe of the city.
The scheme is understood to be officially unveiled sometime next month, but an exact date is yet to be confirmed.