London Marathon Events have unveiled plans to hold an annual mass participation race over the half marathon distance.
Named "The Big Half", the first edition of the event is scheduled to take place on March 4 next year.
The race will begin at Tower Bridge and draw to a conclusion in Greenwich.
A 2.1 mile race for younger runners, called "The Little Half", will start at Southwark Park and finish by the Cutty Sark in Greenwich.
A relay, exclusively for community groups from the four host boroughs of Tower Hamlets, Southwark, Lewisham and Greenwich, will also take place with distances ranging from one to five miles.
The finish in Greenwhich will also feature a wide range of food, music and entertainment, including performances from community groups and fun activities and fitness classes for families.
"If you were inspired by the London Marathon, this is your chance to get involved in an event like no other," said Hugh Brasher, event director.
"Sport can be an incredible way of joining people together and getting communities to interact together.
"We are creating an event that is unique, that is fun, that people will want to come back to year after year.
"The Big Half is a celebration of community and life."
Organisers claim the event will demonstrate how sport and the community can get together to inspire social change, create social cohesion and improve health and wellbeing.
They said the event will be much more than a mass participation running event featuring top athletes, claiming it will be a street party to help inspire participation from a variety of groups to represent London's diverse population.
It is hoped the event will attract people of all ages and backgrounds to running, with organisers working in partnership with Sported, a sports development charity.
"The Big Half has the potential to become one of the most remarkable days in our sporting calendar," said Sadiq Khan, The Mayor of London.
"And putting local people at the heart of a world-class running event is a masterstroke.
"Sport has the power to change people's lives, and we hope The Big Half will become an annual event that can help inspire tens of thousands of Londoners to get involved in sport and in their local communities."
A total of 7,500 places are reserved for community groups from the four host boroughs, who will be able to enter for just £10 ($12.95/€11.89) each.
A total of 5,800 entries will be available for the half marathon, which will cost £39 ($50.51/€46.36) on a first come, first served basis.
A discounted price of £37 ($47.92/€43.98) for club runners will also be available, as well as 1,500 discounted tickets of £30 ($38.86/€35.66) for residents in the four host boroughs.
Entries to the event can be made here.