The work involves a revamp of the piazza outside Westminster Cathedral to create new public spaces and a new design for Wilcox Place including new paving and lighting improvements and the running events on the piazza.
The piazza was originally designed by architect John Francis Bentley in 1894 and functioned as a market square, a prison, a bull baiting ring and a maze and is now one of principal open spaces.
The competition is open to international designers and architects. All entries are expected before 1 February 2010.
The project will be a collaboration between Westminster City Council, local residents and businesses as well as other organizations such as Westminster Cathedral and homeless charity The Passage.
The scheme is part of a £1bn ($1.6bn) regeneration plan for Victoria as part of the Victoria Transport Interchange scheme.
Regeneration will see Victoria as an international transport hub. It will have new offices and flats as well as a new library, without affecting Westminster’s UNESCO World Heritage site.
The planning permission was granted in February 2009.