SLR, led by developer Godfrey Bradman, had been the council's preferred development partner. The council said at the time that it was unlikely to retain any of SLR's architects on the scheme.
Foster's job is to create a vision that will in effect bring into being a new centre for the Elephant & Castle. This will be a large part of the brief given to developers next year when the council produces tender documents.
Jon Abbott, assistant project director of the Elephant & Castle development team, said: "Foster and Partners has an international reputation for masterplanning in a major city context, particularly in the design of civic spaces and public transport interchanges. As these will all be key issues for consideration within our comprehensive planning framework on the Elephant & Castle, its input and advice will be invaluable."
Abbott added that Foster's previous involvement with the scheme would help it draw up ideas to tackle the area's problems.