Hadid and her right-hand man Patrik Schumacher will be creating an open-air space to provide a focal point for the gallery's major fundraising event of the year.
However, it now seems that both Eliasson and Thorsen were unable to meet the deadline for this year's summer party, and so Hadid has been called in.
It has come to light that this year's pavilion will not open until some time in August - but a spokesman for the gallery said that this had always been the intention.
Hadid and Schumacher's installation will be 5.5m in height and will consist of three identical fabric parasols. It is understood that each parasol will 'develop sculpturally from a small articulated base to a large cantilevered diamond shape'.
The news follows the unveiling of Hadid's latest creation, the Chanel Pavilion (pictured above), at the Venice Art Biennale.
The Iraqi-born designer was approached to create a pavilion that would suitably 'celebrate the iconic work of Chanel'.
Hadid's Clerkenwell-based practice claims the pavilion is a 'series of continuous arch-shaped elements, with a courtyard in its central space'. The glass ceiling is also said to adjust to control the temperature according to the conditions of each city that the pavilion visits.