The planned extension will take the Bakerloo line beyond Elephant & Castle to Lewisham via Old Kent Road and New Cross Gate.
Four new stations are being proposed along the route to boost connectivity and support regeneration, including two along Old Kent Road.
Work will also be needed to increase capacity at to the Elephant & Castle Bakerloo line station.
The updated plans bring the completion date of the extension forward by two years to 2028/29, to fit in with planned improvement works elsewhere on the Bakerloo line.
TfL and the London mayor Sadiq Khan are also keen on a second phase of the extension beyond Lewisham, and work is continuing to build a case for this.
The preferred route was chosen as it provides the greatest regeneration opportunities, and the best case for maximising new homes and jobs. Other options were considered for the extension, many of which were suggested as part of the previous public consultation.
Alex Williams, TfL's acting managing director of planning, said: “London continues to grow and we need to ensure transport has the capacity to accommodate this growth. The Bakerloo line extension plays an important part in these plans, improving connectivity for an area under-served by public transport where there is potential to support 25,000 new homes and 5,000 new jobs.”
TfL is planning to progress work towards an application for planning powers by 2020, with further public consultation expected in the future as more details about the proposals are developed.
The public consultation will run until 21st April 2017. To participate, see www.tfl.gov.uk/bakerloo-extension .
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