A newly appointed design team led by MacCormac Jamieson Prichard (MJP) will examine ways in which the area can be revitalised.
Livingstone said: 'The Victoria Embankment offers spectacular riverside views of some of the capital's most iconic landmarks.
'This study will examine imaginative ways to transform the area by improving pedestrian access to its parks, gardens and buildings and also accommodating the needs of traffic,' he added.
The design team also contains engineer Alan Baxter & Associates, design consultant Space Syntax, Townshend Landscape Architects and designer Speirs and Major Associates.
The Victoria Embankment project is being developed by the mayor in partnership with Transport for London, Westminster council, the Corporation of London and English Heritage.
The report forms part of the mayor's broader vision to develop 100 public spaces across the capital.