Cipriani, currently one of London's trendiest restaurants, is planning to open a second operation in the City.
The founders of Venice's much-loved Harry's bar opened their first UK restaurant in Mayfair earlier this year but are now looking at large sites in the City for a new venture.
An industry source said that owner Giuseppe Cipriani believed London's financial district didn't yet offer enough quality restaurants. The new restaurant is expected to come under the Cipriani banner but offer a more formal dining environment.
Meanwhile, Cipriani's general manager, Jason Phillips, formerly at St James's the Avenue, left the Mayfair restaurant unexpectedly just over a week ago.
Front-of-house manager Antonio Boccia said Phillips left "because he didn't feel it was his cup of tea".
Phillips is the second front-of-house manager to leave Cipriani, following the departure of Shaun Corrigan shortly after the restaurant opened.
Property agent Knight Frank is acting for Cipriani.