As part of the plan the existing Garth Hill College in Bracknell will be demolished and new school and sports facilities will be constructed.
Principal Stan Turner said the work would ensure Garth Hill provided "first rate" educational, sporting and community facilities.
The new college which will cater for 1,500 pupils is due to open in 2010.
Tony Eccleston, director of education at Bracknell Forest Borough Council, said: "I welcome this announcement which means we can now get on with the detailed planning to make the new school a reality.
"Everyone at Garth Hill and in the local community can now look forward to a brand new school in which their children will flourish."
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