Construction firm Costain said it had won a contract to build the first major road crossing over the River Thames in almost 20 years.
The firm said it had received the go-ahead from Surrey County Council to construct the bridge between Walton and Shepperton as part of a £32.3m scheme.
The Walton bridge is due to be completed in 2013 and will replace two temporary bridges in the area.
The government has agreed to contribute just under £23.9m to the project with the council providing a further £8.5m.
Earlier this month business services group Mouchel rejected an improved takeover approach worth about £148m from Costain.
City A.M. Reporter