Famous department store business Selfridges is poised to extend its flagship store on Oxford Street and is understood to be on the brink of appointing The Shard architect, Renzo Piano.

If the extension goes ahead it will include a luxury hotel and additional retail floor space, Building News reported.

However the proposed extension is smaller than the £300m plans originally tabled a decade ago.

Selfridges then aimed to increase selling space by 20% or 100,000 sq ft to create a bigger food hall, a men’s fashion department and a sportswear unit. A hotel, offices, leisure and residential facilities and a new car park were also a part of that design.

The retailer secured planning permission for the extension, which would have meant demolishing office space, car parking space and the Selfridge Hotel, but withdrew the application in 2004.