Gensler designed the "London River Park", which won the Mayor's Award for Planning Excellence at the 2010 London Planning Awards, and asset managers Venus Group have agreed to finance the project.

Detailed plans will now be drawn up with a Memorandum of Agreement signed between Venus and the London Mayor, a deal which sees 30 per cent of the net revenue of the project going straight back into the public purse.

Eight themed pavilions will be constructed along the route to showcase London and for hosting riverside events.

London Mayor Boris Johnson said: "The sheer beauty and design brilliance of this structure will provide yet another amazing and unique attraction for the capital.

"We will proceed sensitively working closely with our partners, particularly in the City, to ensure that one of the most famous and cherished waterfronts in the world is enhanced for the benefit of our great capital."

John Naylor, head of property and construction, Venus Group in Singapore, added: "This will be an exciting addition for the summer of 2012 and a new opportunity for Londoners to relax by the Thames in the heart of the City."

Chris Johnson, the managing principal of Gensler, added his delight at the plans: "Gensler are delighted that the project has reached this important milestone, and we look forward to working with Venus Group and all the London stakeholders over the coming months to turn this exciting concept into reality.

"To be part of the revitalisation of one of London's greatest assets – The Thames - in the creation of this new public amenity is a great honour and the overwhelming support to include the Thames as a key focus for next year's national celebrations only enhances the capitals reputation for originality, innovation and creative thinking."

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