Melbourne and Swiss architectural team HASSELL, Herzog & De Meuron has won the state government's $1 million competition to redesign Flinders Street Station, being awarded for a vision that includes an amphitheatre by the Yarra River, a marketplace and an art gallery.

"We wanted to turn Flinders Street Station into a destination to be enjoyed, rather than a place to hurry through," Hassell principal architect Mark Loughnan said.

The winners beat five other short listed designs and 118 competition entrants.

Major Projects Minister David Hodgett said the competition was "all about what Flinders Street Station can look like and could be in the future".