The three consortia selected for the shortlist are: Skanska/John Laing, Vinci/Ringway and Balfour Beatty.
The teams now have until January 2011 to develop and submit their detailed proposals, including funding for the project.
The winner is due to be revealed in Summer 2012 for a start in 2013.
The contract will include a range of rehabilitation and maintenance services to 259 miles of roads over a 25-30 year period.
Works include the financing, design and build of improvement schemes, carriageways and footways, streetlights, signs, bridges and related environments maintenance to the highway.
Trevor Wallis, project director for Hounslow’s highways PFI said: “I am pleased with the progress that this project is making and the contribution that our advisors are making to this complex procurement.
“The project will deliver considerable benefits to Hounslow in terms of improving the highways infrastructure for local residents and other users of the area’s busy network.”