Plans to build a skyscraper to rival the Shard are to be submitted to the City of London Corporation.
Developers are seeking permission to build a 304-metre tower, just five metres smaller than the 309-metre Shard in London Bridge.
The tower, which would be the second tallest tower in Europe, would be located in Aldgate (pictured) – with the existing Aviva Tower demolished to make way for it.
The site, Number One, Undershaft, is currently owned by Singaporean magnate Kuok Hong Khoon who is the CEO of Wilmar International, the world’s largest palm oil company.
Architect Eric Parry is believed to be leading the project, having recently completed the Green Properties building at St James’ Square.
A spokesman for Aroland Holdings, the owners of One Undershaft said: “It is important that our plans for a new tower on this site are right and we are taking our time to ensure the building showcases the very best of British architecture while also creating the City of London’s finest and most sustainable offices. We plan to consult with members of the public on our proposals in the autumn.”