According to The Telegraph, founders Charlie Gilkes and Duncan Stirling are planning to open several more outlets over the next three years in a bid to turn the restaurant in to a chain.
Gilkes said the new site would help drive up revenues by 50 per cent to £20m.
Dubbed ‘The Englishman’s Italian’, the existing Bunga Bunga near Battersea Bridge features a bar, pizzeria and Brazlian-themed nightclub Cocobananas.
The restaurant - which counts Prince Harry among its clientele - is currently embroiled in a feud with Wandsworth Council after it was painted the colours of the Italian flag ahead of Euro 2016.
Officials have ordered the venue to be redecorated within 28 days or it will face a fine.
But Gilkes tweeted that the new restaurant would feature less eye-catching paintwork.
“Excited to announced we’re opening a second @BungaBungaLDN in Covent Garden this Autumn and don’t worry no Italian flag paint scheme planned!” he wrote.
The new opening will be the ninth venue for Inception Group’s Gilkes and Stirling, who opened Mr Fogg’s Tavern in Covent Garden in 2015.
The duo are also teaming up with their wives to launch a new healthy fast casual group Squirrel later this year.