The Uruguay-born architect, who has recently been in the headlines with his controversial Walkie Talkie skyscraper, planned for the City of London, was appointed by Real Estate Opportunities (REO) to take on the long-awaited overhaul of the iconic landmark.
REO - which is majority controlled by Irish developer Treasury Holdings - decided to ditch Arup's previous masterplan for the site earlier this year in favour of a new approach to the contentious development, valued between £300 million and £1.5 billion.
REO, which bought the plot off Parkview International in November (Battersea Power Station sold to new investment group), then held a three-way design competition, eventually plumping for Viñoly.
Details of the new scheme are still unclear, but it is hoped Viñoly will succeed where others have failed and end years of speculation about the future of Giles Gilbert Scott's 1930s power station.
Speaking about his appointment, Viñoly said: 'Bringing back to life this spectacular building is one of the most exciting prospects for the future of London.'
He added: 'The potential of revitalising this area of town in a sensible and well-balanced manner is perhaps the most exciting job we ever hope to be involved in.'