The venue will be called 40/40, which is an extension of the luxury sports lounge bar and restaurant chain Jay-Z owns with business partner Juan Perez in the US. Three sites in the capital are currently being considered with a final decision due to be made in August.
A top chef will be appointed to deliver a 'modern American themed menu' for the restaurant while the bar will be a showcase for top DJ's and A-list artists.
Slated to open next year, the restaurant will also focus on giving unemployed young people jobs in the style of Jamie Oliver's Fifteen foundation. Each month a percentage of profits from the project will also go to local youth charities for music and sports projects in deprived communities.
Cole said; “I am delighted to be working with Jay-Z. I have grown up listening to his music and now to be doing business with him is amazing and the projects we do will be delivering much needed funds back into sport and music on a local community level as well as helping talented young people get back to work.”
The multi-million pound deal, that will see the pair work in partnership on a number of new ventures, was brokered by NVA Entertainment Group (NVA).
NVA Holdings executives Chris Nathaniel and Paul Boadi said: “We have done some exciting deals and worked with some world-class names but this collaboration of Ashley Cole and Jay-Z has to be one of the most exciting. It makes the nine months of negotiations worth it and we look forward to an amazing launch for the first project and have started work on two other projects that the two will be collaborating on covering the film and fashion areas”
Rapper Jay-Z, who opened the first 40/40 club with Perez in New York in 2003, said 40/40 London would be 'the hottest place in town' when it opens next year.
“London is one of the most vibrant and exciting cities in the world and the perfect location for our new venue. I’m excited about working with Ashley and NVA on a range of new projects," he said.