The first images of a radical redesign planned for Old Street roundabout have been released by Transport for London.

TfL want to turn the junction, which is a crucial gateway to Tech City, into a pedestrianised area – closing the north-western ‘arm’ between the west side of Old Street and the north side of City Road.

As well as the introduction of two-way traffic, cycle lanes – segregated where possible and with seperate cycle signals – will be created through the junction.

The proposals, which are part of a consultation on a £4billion Road Modernisation Plan, are aimed at dramatically improving road safety in the vicinity of the roundabout – which saw 44 people injured in collisions between February 2010 and January 2013, with 80 per cent of incidents involving a pedestrian or a cyclist.

Work on the improvements would begin next year if the consultation goes smoothly.

Mayor of London, Boris Johnson, said: “We are progressing at full steam with our plans to redesign some of London’s most dangerous junctions, and Old Street roundabout is next to be completely overhauled.

“These plans will dramatically improve safety for the thousands of cyclists and pedestrians using the junction, and also make it easier to access Tech City, which continues to nurture upcoming technology and creative talent from around the world.”

One of the current subways would be replaced with new surface level pedestrian crossings, and a new station entrance to Old Street London Underground station would be built in the centre of the new pedestrianised area. This would also lay the groundwork for more improvements to the station in the future.

TfL say the creation of new public space would also provide the potential to expand the number of already successful pop-up retail units currently in the station. Cllr Claudia Webbe, Islington Council’s executive member for environment and transport said, “We welcome the TfL public consultation on improvements at the Old Street roundabout. Old Street is not only a valuable part of Islington but an iconic landmark of London, yet in its current form it’s not fit for purpose. Positive changes to the access and roads at Old Street are badly needed to improve safety and travel. The council, local residents, cyclists and businesses have long campaigned for the radical transformation to this extremely busy, complex roundabout.”

TfL’s Road Modernisation Plan is a £4 billion scheme to upgrade London’s roads by 2021, and is the biggest investment in the capital’s streets for a generation.