The currently unnamed project will sit within an adjoining building to the Covent Garden theatre, which is due to relaunch in 2020 following a £60m restoration by Lloyd Webber’s LW Theatres.
It will be operated by Caprice Holdings, which also runs London restaurants Sexy Fish, Scott’s, Le Caprice and The Ivy Collection.
“Richard is a brilliant restaurateur and showman, both of which are essential to ensuring the theatre will continue to be a vibrant part of Covent Garden life,” says Lloyd Webber.
“He is behind many of the country's most loved and entertaining restaurants, making it a perfect match to our ambitious project at Theatre Royal Drury Lane. I’m thrilled to be working together.”
The revived theatre will be open to the public all day and also feature bars and an afternoon tea offer.
“We at Caprice Holdings are honoured and excited to be working with Andrew Lloyd Webber,” says Caring.
“In this historic part of London, we hope to create something special and truly unique that will make you smile.”
Lloyd Webber also runs The Other Palace theatre in London’s Victoria, where he signed up the team behind Brixton’s Naughty Piglet to run the restaurant.