Following a number of failed concept schemes for the Grade I-listed building - including a £24 million project to convert the historic courthouse into flats - Douglas Wallace has been asked to draw up new 'long-term' plans for the site.
The early proposals include creating a luxury hotel behind the impressive 1880s Classical facade and a new museum - or interpretative centre - incorporating the existing cell blocks.
There are also plans to keep and preserve the original courtrooms, opening them up to the public as part of the hotel development.
Backed by developer Edward Holdings, the architect has already had initial discussions with English Heritage, Westminster Council and other key stakeholders.
Hugh Wallace, chief executive of Douglas Wallace said: 'The Bow Street Magistrates Court redevelopment is a very exciting and challenging project and we look forward to its successful completion.'
A planning application for the Bow Street development, which is on the site of Britain's first police station, is expected to be submitted before the end of the year.