Il Teatro della Carne, which translates as 'butchery theatre', will open on the former Café Monico site, part of the Geilgud Theatre, on Shaftesbury Avenue.
First mooted back in April, it will be the Macellaio RC Group's sixth London restaurant.
Costa is known for injecting theatre into his restaurants, and Il Teatro della Carne will be no different.
Spread over two levels, the 120-cover restaurant will be structured like a theatre, with the seating built around the ground-floor open kitchen and meat counter.
Guests will be invited to choose their preferred meat cut and weight directly at the counter, and then watch from their tables as it is cut and grilled.
All meat cuts are dry-aged for seven to nine weeks and served ‘on the bone’, with 'speciality' cuts set to include the Costata del Macellaio (dry-aged fassona beef rib steak); and Fiorentina del Macellaio (dry-aged fassona T-Bone steak).
The restaurant will also have a focus on fish, with an eye to sustainable fishing.
Cuts of tuna and salmon will feature on the menu, and undergo a maturation process similar to that of the meat.
Other dishes set to feature on the menu include bone marrow with rock oysters; and the STHake (hake steak).
Macellaio (which means butcher) started life in Italy in 2002 when Costa opened a steak-focused restaurant in his native Liguria.
Costa brought the concept to London in 2012 and currently operates sites in South Kensington, Exmouth Market, Fitzrovia, Southwark and Battersea.
In December last year Costa also opened Casacosta in Fulham.