The Spanish chef, who opened DiverXo in 2007 and gained it its third Michelin star last year, will open StreetXo London at 15 Burlington Street in June.
Like its Spanish namesake, which opened its doors on the top floor of the El Corte Inglés de Callao department store in 2012, the London StreetXo will serve Muñoz's representation of street food inspired by his travels through Europe and South East Asia.
The restaurant will open for service 14 hours a day with a central open kitchen its main focal point and its chefs encouraged to cook and serve food to diners.
Its frequently-changing menu will feature 12 to 14 dishes while a trolley will circulate throughout the room serving 'one-off' creations.
The restaurant will also feature a bar serving an 'inventive' cocktail selection with drinks and food available throughout the venue.
Madrid-born Muñoz worked at Nobu and Hakkasan in London before returning to Madrid in 2007.
He said he had wanted to open a restaurant in London, which will be his first outside Spain, since he worked here as a chef several years ago.
It is thought he will split his time between his businesses in Spain and London until he establishes a team to run the new restaurant.