Taking its name from the nearby Ludgate Circus in the City of London financial district, preliminary preparation work was begun in the 1970s, but the plan was later postponed due to lack of funds.

A National Rail station was eventually constructed near the Ludgate Circus site, but to serve the north–south Thameslink route, using the Snow Hill tunnel, rather than the originally envisaged east–west line.

It was, however, built in such a way as to allow for an underground east–west aligned station to be easily integrated; this can be seen in the wide spaces at the Holborn end of the station, where large doors open on to a corridor intended to lead to escalators to an underground concourse level.

As of 2015, there are no plans or suggestions to build an Underground station at Ludgate Circus.

However, there are long-term proposals to build an extension of the Docklands Light Railway (DLR) from Bank to Charing Cross, with stations planned at Ludgate Circus and Aldwych.