Gehry was chosen Tuesday from a group of 10 international architects to develop the 250,000-square foot complex housing four theaters, including the Joyce International Dance Center and the Signature Theater, the New York Post reported Wednesday.
"Building a cultural center in the heart of Lower Manhattan is a key part of rebuilding downtown and a fitting tribute to all the heroes we lost," said New York Gov. George Pataki.
The performing arts center will be built next to a museum featuring exhibits on "humankind's enduring quest for freedom," the Post said.
Both projects are scheduled to be completed by 2009 to coincide with the opening of the Freedom Tower.
Earlier this year, Gehry was selected to design a basketball arena for downtown Brooklyn, N.Y.