The number of circulated copies of the title will also be doubled from 250,000 a day to more than 600,000 daily, a release said.
Quoted in the release, Alexander Lebedev, chairman of Evening Standard Ltd, said he was sure other 'quality' papers would follow the Standard's lead.
It is hoped that decision to go free and increase circulation will increase the paper's reach.
"Sustaining a paid-for afternoon newspaper had its challenges even before the freesheets were launched in 2006. There are so many competing distractions to potential readers, particularly with new technologies. Being a quality newspaper with large scale and reach should transform our commercial fortunes," said Andrew Mullins, managing director of the Standard, in the announcement.
"This is an historic moment and great opportunity for the London Evening Standard. Its owners will be funding the distribution of over 600,000 copies of the newspaper, making it available to more Londoners than ever before. And most importantly this will be a quality newspaper," added editor Geordie Greig.
Greig, who joined the paper in February replacing Veronica Wadley after Lebedev bought the title, said the Standard's future was 'exiting and secure' and described the doubling of its distribution as a 'pioneering strategy'.
The title's move to free follows News International's decision in August to shut its freesheet thelondonpaper after reporting a significant pre-tax loss in the year to June 29 2008.
The Standard faced stiff competition from thelondonpaper and launched Standard Lite, which later became freesheet London Lite, following its launch in 2006. But Associated Newspapers retained ownership of Lite after the Standard's sale to Lebedev.
Print distribution of the title has fallen from 309,908 copies in June 2006 to 236,000 copies for the first six months of 2009, according to a MediaTel report on statistics from the Audit Bureau of Circulations (ABC).
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