The Government's Medical Research Council (MRC) has teamed up with the Wellcome Trust, Cancer Research UK and University College, London (UCL) to develop the British Library International Science Site (Bliss).
Approximately 350 million pounds will be spent on the laboratory, which will be the larges of its kind in the world. It will accommodate 1,500 leading researchers in different fields.
The scientists are very excited about the project because they feel that it will attract talent from abroad.
The Government is selling the 3½acre site near the British Library and St Pancras station, where the laboratory is being planned.
The plot is valued at over 28 million pounds, and is being sold through an auction.
According to Times Online, the consortium has made it to the final round of bidding, the results of which will be announced within weeks.