The move follows site owner Parkview International London's acquisition of two key areas of land surrounding the site. Parkview is due to make a planning application for the project in April.
Parkview has bought a 0.6 ha site to the east of the power station and a second 0.2 ha site from British Rail Property Board to provide easement for a dedicated rail link to Victoria.
Last month, the developer received a six-month extension to the outline planning permission it received for the project in 1997.
The project will revitalise the surrounding area
Sir Philip Dowson, Arup
The design team will be headed by Arup Associates founder Sir Philip Dowson. He said: "I look forward to working with Parkview on breathing new life into this extraordinary building, and revitalizing the surrounding area." Arup will be responsible for the masterplan, which includes the reconstruction of the power station, and will prepare the planning applications and listed building consents.
Benoy is working on restaurants, hotels, bars, a theatre, a cinema and the rail shuttle link.
The full team of architects, designers and consultants is due to be announced closer to April.