The content at www.thelondonweekly.co.uk will represent the forthcoming publication's mix of editorial coverage, ranging from light entertainment and gossip to politics, health, music and fashion.
A holding page for the site claims 250,000 copies of the newspaper will be distributed in London every Friday and Saturday, from 1 February.
The planned launch of the new freesheet comes less than two months after the high-profile closure of London's evening free newspaper LondonLite, and four months after the demise of its rival thelondonpaper.
The new venture is the result of a partnership between five private investors.
The group claims to have raised £10.5m for the launch of what promises to be an "interactive newspaper", with 30% of its content generated by readers.
Copies will be distributed outside Tube, rail and bus stations, and there are plans to have a related annual awards ceremony.
The new paper, edited by Roisin Robertson, hopes to compete with the capital's only remaining afternoon daily, the London Evening Standard, which dropped its 50p cover price to become a free title on 12 October.