The Exeter Forum Project will feature an extended and refurbished library, new learning spaces, student services, catering and retail outlets, a landscaped plaza and new university reception.
Hargreaves Associates - currently working with LDA Design on plans for the Olympic Park in London - will start design work on the Exeter Forum Project immediately.
Hargreaves Associates will work with Wilkinson Eyre Architects on the Forum Project - designed as a centrepiece for the University of Exeter's Streatham Campus.
Proposals work with the natural features of the University of Exeter's famously hilly main campus, creating a green corridor connecting the Forum with the wider landscape.
Central to the scheme is an undulating timber roof, which shelters a series of new student-focused spaces.
The fluid form contrasts with the existing brick buildings on the steeply sloping site, and respects key views across the city to Dartmoor.
University of Exeter registrar David Allen said: "The University of Exeter has one of the finest campuses in the world; so it was vitally important to come up with a design which was both iconic and sympathetic to the landscape."
Design work will begin immediately, with completion anticipated by 2012.