Approval was given by the Secretary of State for Transport.
The addition to the Underground network will support the development of the Vauxhall, Nine Elms and Battersea area as a major extension to central London, supporting 24,000 new jobs and over 18,000 new homes.
The extension will cut journey times to the West End and the City to just under 15 minutes.
Two new stations will be constructed - one at the heart of the Battersea Power Station redevelopment and another at Nine Elms to the east, serving new developments such as the US Embassy and the redevelopment of New Covent Garden Market, as well as existing communities.
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The Northern line extension will enable the Vauxhall Nine Elms Battersea (VNEB) area to be transformed into a major new commercial and residential district. Other transport investments in the area, include the transformation of the Vauxhall gyratory, the creation of new dedicated cycle routes through the area, and the upgrading of Vauxhall Tube station to include the provision of step free access.
The full cost of the Northern line extension is expected to be up to £1bn, which is being funded entirely through contributions from the developments in the area that will benefit from the extension. An innovative funding package has been agreed between the Mayor of London and Government, which includes the creation of an Enterprise Zone from 2016 for a period of 25 years. The Greater London Authority will be putting forward a funding package shortly for the £1bn needed to deliver the extension.
The Mayor of London, Boris Johnson, said: "I am delighted we can confirm that early next year the spades will be hitting the ground for the creation of the Northern line extension. Driven by improved transport links this part of central London is set to move forward a century in a matter of a few years, supporting 24,000 new jobs and more than 18,000 new homes.The benefits of major infrastructure projects such as this are enormous - cutting journey times for passengers, supporting London's future growth and creating jobs right across the UK."
(CD/IT)
