The proposed scheme for the down-at-heel area centres around the imposing Victorian station, which is currently buried behind tired and grotty buildings and shops.
Under Gillespies' proposals, those shabby buildings would be demolished and an open piazza surrounded by shops would be created.
Originally conceived as a transport interchange on the proposed Cross-River tram project, Valerie Shawcross, Greater London Authority assembly member for Lambeth and Southwark, said the scheme would give the area a 'much-needed lift'.
She added: ' I am involved in the creation of a public space in Brixton [part of Ken Livingstone's 100 Public Spaces project] and I think that we really need something on the Southwark side - Peckham badly needs an uplift.'
Although the proposals are at the earliest of stages, Shawcross confirmed that Southwark Council had formerly adopted the plans for consideration, adding that the next stage would be a meeting with the London Development Agency.