Plans for a new home for the Museum of London have received a £180m funding boost.
The City of London Corporation pledged £110m for the move to West Smithfield, while mayor of London Sadiq Khan promised £70m.
This brings the £250m scheme closer to reality – with a planning application expected next year.
Located next to Farringdon Crossrail station, plans for the new museum aim to double visitor numbers from the current one million a year at the institution’s existing London Wall site.
It would allow the museum to display more of its six million items across 8,000 sq m of permanent galleries plus 1,500 sq m of temporary exhibition space.
Mr Khan said: “This major landmark project will be a jewel in our crown. It will reveal 2,000 years of fascinating London history for Londoners, visitors and every schoolchild in the capital.
“It will rejuvenate West Smithfield, protecting its heritage while also creating a dynamic new public space – strengthening London’s credentials as an international powerhouse for culture.”
Museum of London director Sharon Ament added: “This is simply fantastic news and a great way to start 2017.
“The £180m funding package from the City of London Corporation and mayor of London provides us with the perfect springboard for the fundraising drive for the new Museum of London at West Smithfield.”
The new museum, designed by architects Stanton Williams and Asif Khan, is scheduled to open in 2022.
The museum said further appointments to the project team would be announced “over the next few months”.