The Enquirer understands developer Exemplar Properties has reduced the race for the high-profile job to the remaining pair of bidders.
A source close to the job said: “It’s now a straight race and we’ll find out who’s won in a few weeks.”
The move leaves a number of major rivals including Balfour Beatty and Mace on the sidelines.
A winner is expected to be announced in May so main construction work can start on the site which will have an eventual development value of £750m.
Enabling works are currently being carried-out by McGee and will run until the end of this month.
The three-acre site was once to be developed as NoHo Square, because of its location to the north of Soho, by the Candy Brothers but stalled.
Under the new plan, the big West End brownfield site will be transformed into a mixed-use community, centered on a landscaped public square containing the listed hospital chapel.
The development will consist of two 9 to 11-storey buildings for mixed use purposes.
Together they will house 291 homes, around 200,000 sq ft of offices, 20,000 sq ft of retail and restaurants.