The space, which currently forms part of the Olympic Park, will eventually become the Queen Elizabeth Olympic Park in 2013.
Entries must include two visitor centres and a major new playground for the area.
"The south park will be London’s newest and most exciting public space, welcoming the world to the Queen Elizabeth Olympic Park," said OPLC chief executive Andrew Altman.
"With millions of people expected to visit the Park each year, this is a unique opportunity for design teams to create exceptional places that match the stunning mix of iconic venues and parkland that surround them."
The centre-piece of the winning design will be major a public space that will welcome crowds to the south of the park.
Sitting between the Aquatics Centre, the Stadium, the ArcelorMittal Orbit and the 2012 Gardens, this urban landscape will have a "South Bank feel with plans for a visitor centre, outdoor events, water features and imaginative play facilities including a skate park".
Secondly, an area will be designed to be set within the green river valley created for the 2012 Games. This area will include a large playground and a visitor centre with a café and seating terrace, along with large indoor space for local schools and community groups.
Interested parties have until 31 August 2011 to submit expressions of interest through a pre qualification questionnaire. The bids will then be reviewed and a shortlist of entrants will be asked to produce a concept design in the autumn. Details are .
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