Prince Charles describes it as an "act of vandalism", but market traders believe it will vastly improve the area.
At stake is the "General Market", a group of buildings from the 1880s, that front on to Farringdon Street. The developer, Thornfield Properties, is proposing to bulldoze the site and replace the Victorian brick built structure with glass and steel offices and shops. It's thought the scheme would cost £150 million.
The Corporation of London, which owns the market, is backing the redevelopment. It says the buildings are of little architectural merit and that English Heritage has refused to ask for them to be listed on several occasions. The Corporation also says the General market needs to be demolished to allow work on railway tunnels beneath them.
But Save Britain's Heritage is fighting the demolition. It argues the buildings are by the same architect, Sir Horace Jones, who designed the East and West markets, which are listed and not under threat. It says the General Market is within a conservation area and deserves to be preserved.
The issue is due to be settled in 2007 at a public inquiry after the Planning minister Ruth Kelly decided to call the plans in.