Southwark Land Regeneration and London Amsterdam Countryside are now fighting it out for the job to regenerate the 72 ha site in south London.
It is thought that the third shortlisted team, led by St George, is not favoured by Southwark council, as it lacks a big-name architect. "Our architects aren't deemed to be posh enough," one team insider said.
The Southwark team includes big hitters Foster and Partners and tower expert Ken Yeang; the London Amsterdam consortium boasts Terry Farrell & Partners and Michael Hopkins and Partners.
Their proposals were unveiled last month, and the council is interviewing both teams today. A decision is expected over the weekend.
Council officers have produced a report on the redevelopment that summarises the reaction of community groups to the three proposals.
The St George team, which included architect John Thompson and Partners, is the only scheme to retain the famous shopping centre. Its scheme also involves redeveloping the Heygate housing estate. The London Amsterdam scheme includes a Canary Wharf-type office block, a conference centre and a plaza as big as Trafalgar Square.
The Southwark Land Regeneration plan involves two towers and a covered shopping centre with a park on the roof.