The three historic markets are set to move to the former Barking Reach Power Station site at Dagenham Dock in east London.
The site contains 42 acres of industrial land and good connections to the rail network and the River Thames.
Catherine McGuinness, Policy Chair at the City of London Corporation, said: “Our number one priority is to provide a top-quality market environment serving London and the South East – not just fit for today’s needs but also for tomorrow’s.
“The move to Dagenham Dock will enable our wholesale markets to flourish, providing more modern facilities and space for our tenants to grow so that they can continue to support London’s food economy.
“The launch of these new plans shows we are one step closer to realising our ambitions for this site – a vision which will help us create a modern and sustainable co-located food location, serving existing and future generations across London and the UK.”
Early designs will first go on show at the public consultation events which start next week.
Darren Rodwell, Leader of Barking & Dagenham Council, said: “The proposed new home for London’s markets promises to bring a huge economic boost to the borough, and our priority will be to make sure that local people have the skills and training to take advantage of the employment opportunities that will arise.”