The London Borough of Culture programme is set to return in 2025 and 2027.
Applications will open in May, with all boroughs that have not previously held the title eligible to apply.
Selected boroughs will receive £1.35m from Greater London Authority (GLA) to help deliver their cultural calendar.
Launched in 2017, the initiative was designed to platform grassroots creativity by developing creative opportunities and legacies in the chosen borough.
GLA estimates more than 3,000 young people, 2,200 artists and partners, 3,370 volunteers and 315 schools have taken part in creative programmes delivered by previous winners Waltham Forest, Brent and Lewisham.
Current hosts Croydon began its calendar of events earlier this month.
The hosts for the next two editions will be announced in early 2024.
“I look forward to seeing the creativity of our boroughs shine through in their bids as we work to build a better and fairer London for everyone,” Mayor of London Sadiq Khan said.