The casual dining brands are understood to be taking on the iconic site, just round the corner from Piccadilly Circus, with the pizza brand taking the ground floor space and MEATliquor opening on the two floors above.
The new MEATliquor will have 45 covers on the first-floor dining room, which will also feature its kitchen, with a further 45-cover space above as well as 60-cover cocktail bar.
In addition, MEATliquor will operate a covered rooftop bar at the premises.
Franco Manca currently operates 50 restaurants in the UK, predominantly in the capital, with the new venture marking its 51st UK venue and its 37th in the capital.
In July, Franco Manca and The Real Greek owner Fulham Shore said it planned to open between eight and 10 further sites in the next year, expanding in to sites that are "as compact as possible".
Earlier this year MEATliquor relocated its flagship debut restaurant from Welbeck Street to nearby Margaret Street, moving closer to Oxford Circus. The new restaurant will be yet another prime location for the casual dining brand, which also has sites in Convent Garden and King’s Cross as well as in Hoxton, Clapham, East Dulwich, Bayswater and Islington.
The restaurant group also has venues in Croydon, Leeds and Brighton, with the Piccadilly site set to become its 12th venue.
In August this year it was reported that the final sites that traded as part of Jamie Oliver's restaurant group had been sold, with restaurant groups including The Ivy and Dishoom taking on former Jamie's Italian sites.