As revealed by BigHospitality's sister title MCA yesterday, the new venture is being backed by JKS Restaurants, the investment and operating vehicle owned by the Sethi family.
The Sethis have joined Barragán and Josè Etura, former Barrafina group general manager, in setting up Sabor Restaurants Ltd.
According to Bloomberg, Sabor will feature a ground-floor bar and a dining counter surrounding an open kitchen.
The menu will feature regional dishes from across Spain, including those from the Basque country and Catalonia.
Upstairs, diners at communal tables will eat dishes from Galicia and Castile with a menu centered on roast suckling pig cooked in an asador wood-fired oven and octopus cooked in traditional copper pans with olive oil and paprika.
Barragan, who was head chef of Barrafina since its launch nine years ago, left the business earlier this year with the intention of opening a Spanish restaurant in the capital before the end of 2017.
The Sethi family is behind Michelin-starred Indian restaurants Gymkhana and Trishna, plus the Hoppers and BAO concepts.
It is also in discussions to open a new concept at the Bloomberg Place development in the City of London under the working title of Brigadiers.