The scheme will link in with Allies and Morrison's overhaul of the nearby Royal Arsenal, for developer Berkeley Homes.
It is also hoped that the 1.2ha public realm redesign - for Greenwich Council with partners Woolwich Regeneration Agency, Design for London and Transport for London - will enhance links between Woolwich town centre and the riverside developments to the north and Woolwich Common to the south, as previously reported in the AJ (Woolwich's squares to get the Livingstone treatment)
Commenting on the decision to select Woolwich for regeneration, London Development Agency director Peter Bishop said: 'This is an exciting time for Woolwich, with lots of regeneration activity in the area.
'A redesigned public square at the heart of the town centre will be key to making that rejuvenation really work for the people who live there.'
It is hoped that the scheme, valued at £5 million to £7 million, will be completed by January 2009.
The deadline for submissions of interest is 19 September. For more information visit www.greenwich.gov.uk