Work is currently under way - as part of the redevelopment of the former Elephant & Castle Shopping Centre - to create a new station entrance with escalators to replace the current lifts.
However, whilst funding for the first phase of work has long been agreed, TfL has always been clear that there was no certainty about how the final fit-out of the station to make it suitable for passenger use would be funded.
Last year a TfL board member warned that the station could become a 'white elephant' if it was built but passengers were unable to use it.
This week TfL published its draft business plan which includes "additional funding allocated for the completion of the new Elephant & Castle station entrance and ticket hall".
No details of how much the works will cost have been published.
The draft business plan was presented to TfL's board on Wednesday but final approval is to be delegated to the finance committee pending discussions with Government over funding for the capital programme.
The TfL document notes: "This station already suffers considerable overcrowding and so the expanded station, which forms part of the development, is essential for the regeneration of the area."
Another TfL report published earlier this month said: "Construction of the station box by the developer continues, with station-box piling completed and works on the slab have started.
"The developer has completed the construction to Basement Level 5, and we are considering the provision of ‘soft eye’ construction (a soft eye provides an easier way to break through than traditional concrete and steel piles) to enable a future Bakerloo line extension through this new facility.
"Handover of the station box by the developer remains set for spring 2025, as planned."