The Zoological Park Organisation (ZPO) board confirmed on Tuesday that Dusit Zoo will be relocated out of the city to a new site in Pathum Thani.
The announcement ends speculation over the future of the zoo which first opened 79 years ago.
Two working groups will oversee the zoo's relocation, the board said.
However, ZPO director, Benjapol Nakprasert, did not say when the zoo and its animals will be moved to their new home.
The board, he said, has only decided that there should be two working groups to oversee its relocation.
The first working group, chaired by board member Pannarot Malakul Na Ayutthaya, will oversee animal relocation.
The other chaired by board chairman Assoc Prof Panthep Ratanakorn will oversee the construction of the zoo which is to be located on a land plot in Pathum Thani.
The plot was donated last month by His Majesty the King.
It is still unclear what will happen to the present site after the move.
"It is our utmost honour to receive the land donated by King Rama X. The new site is three times bigger and surrounded by educational facilities, including the science museum park," Mr Benjapol said.
"We will take this wonderful opportunity to create a new zoo with a wildlife-learning centre for visitors."
At present, the board is surveying the new location in preparation for the design and construction.
Mr Benjapol dismissed concerns over relocating more than 1,000 animals, saying zoo staff were experienced and capable of pulling off the job.
The board will hold another meeting in January next year to discuss the relocation plans further.
A source said it might be another three years before moving the animals could begin.
Construction of zoo will require a budget of around one billion baht.
The new zoo will be more environmental-friendly than the present one.
Energy consumed in the new park will come from environmental-friendly and renewable energy sources, while the animal enclosures will reflect their natural habitats as much as possible.
Dusit Zoo is the country's oldest public zoo with around 2 million visitors each year, generating an income of 120 million baht per annum.
Situated on 100 rai of land, Dusit Zoo is located close to some of the city's most famous landmarks including the parliament building.
Its new location in Pathum Thani will provide more space and a more open environment.
His Majesty the King on Nov 30 presented a land title deed to 300 rai of land in Klong 6, Thanyaburi district in Phathum Thani to the Natural Resources and Environment Minister Gen Surasak Kanjanarak for the construction of a zoo.