Infrastructure contractor Costain has been given the go-ahead to build the new £32.3 million Walton Bridge for Surrey County Council.
The bridge will be the first major new road crossing over the river Thames for almost 20 years.
Crossing, between Walton and Shepperton, the bridge is due to be completed by 2013 and will replace two temporary bridges in the area.
It will provide improved access to several schools, major employers and shopping centres.
Around 34,000 vehicles use the current road bridge on week days.
The government has agreed to contribute just under £23.9 million to the project with the council providing a further £8.5 million, which has already been budgeted for.
In a notice to the stock market Costain chief executive Andrew Wyllie said: “We are delighted to be awarded this contract by Surrey County Council, which is the first road crossing over the River Thames to be built in 20 years.”