The project will begin in 2011 and include the complete refurbishment of Eurostar’s existing fleet, boasting a design by Italian car designer Pininfarina .
Eurostar will also purchase ten new E320 trains that will operate across the European high-speed rail network.
The new trains will carry more than 900 passengers and their luggage, and offer 20% per cent more seats than the existing Eurostar trains.
Capable of a speed of 200mph, the trains will see Eurostar’s London-Paris journey times reduced to around two hours, London-Brussels to one hour 40 minutes and London-Lyon to one hour ten minutes.
Eurostar is also considering new destinations from London including Amsterdam and Geneva.
Eurostar chief executive Nicolas Petrovic said: "Over the last 16 years Eurostar has revolutionised travel between London, Paris and Brussels but our sights are now set on expanding our business across Europe."
Eurostar’s potential new destinations:
London to Cologne: three hours 30 minutes
London to Amsterdam: three hours 50 minutes
London to Geneva: four hours
London to Zurich: four hours
London to Munich: five hours