The UK government launched a search on Thursday for a team to design a "historic" memorial to pay lasting tribute to the late Queen Elizabeth II.

The monument will be erected in central London's sprawling St James's Park, not far from the queen's main home in Buckingham Palace.

The nation's beloved queen died in September 2022 after more than 70 years on the throne, and was succeeded by her eldest son, who became King Charles III.

The "permanent memorial to the UK's longest-serving monarch" will be "one of the most significant design projects in recent British history", a government statement said.

St James's Park is the oldest of the royal parks, flanked on either end by Buckingham Palace and the Horse Guards Parade.

It will have a provisional budget of £23-46 million ($29-58 mn), including the cost of constructing a new bridge across the park's lake.

"This National Memorial will provide a permanent tribute to the late Queen's legacy, offering space for reflection as well as celebration," said senior cabinet minister Pat McFadden.

"We want the very best architects and designers to come forward with their ideas for how this historic project should look," he added.

The Queen Elizabeth Memorial Committee said it was seeking "a design that is beautiful, inclusive and sustainable".

Architect-led submissions for the two-stage competition will be open from December 12, 2024 to January 20, 2025.

Shortlisted teams will then have 10 weeks to create design masterplans.

The final design will be announced in time for what would have been Elizabeth II's 100th birthday in 2026, the government confirmed.

The memorial will also stand near statues of Elizabeth II's parents, King George VI and Queen Elizabeth, located on The Mall, the processional route leading up to Buckingham Palace.

The most iconic royal memorial by St James's Park is the Victoria memorial in front of Buckingham Palace, featuring a towering marble statue of Queen Victoria topped by a golden figure of Winged Victory.