Holborn gyratory system amd the roads surrounding Holborn station are to be targeted by TfL in a bid to improve safety.
A £12.5m scheme will see the pedestrianisation of a section of New Oxford Street, a section of Great Russell Street in front of the British Museum and will also see the removal of the Holborn gyratory system.
The Holborn project is part of the “livable neighbourhood” scheme, which is one of 11 areas facing transformation in a bid to reduce car use and improve air quality.
The area will see protected cycle lanes along High Holborn and Theobalds Road. Sections of New Oxford Street and Great Russell Street are proposed to be closed to motor vehicles and a section of Bloomsbury Way is proposed for buses and cycles only.
Plans are also afoot to pedestrianise Great Russell Street in front of the British Museum, there will also be enhancements to the pedestrian area around Holborn station.
Work on the project is likely to start in 2021.
Mayor of London, Sadiq Khan, said: "For too long streets around London have been designed solely around cars and motor traffic. Our £50 million investment will transform neighbourhoods and local town centres in inner and outer London, making them cleaner, greener and more pleasant places to spend time.
"Working with these boroughs to make our streets more welcoming for walking and cycling is vital for our health and wellbeing, but also essential for the future vibrancy and success of London's local high streets."
Gareth Powell, TfL's Managing Director for Surface Transport, said: "Some of London's streets can be unwelcoming places that feel threatening to the most vulnerable road users, making walking, cycling and using public transport difficult and unattractive. We're working closely with residents, businesses and boroughs across London to change this.
"Our funding will help to boost health, reduce road danger, clean up some of the capital's pollution hot spots and revitalise local communities by making streets places where people want to spend time with their friends, families and neighbours."