Traffic would no longer be able to turn right at the A141 Kings Ripton junction, Huntingdon, under plans by Cambridgeshire County Council.
Campaigners have been raising funds for a light-controlled crossing after Warren Hay, 16, was killed in May.
The money, added to £300,000 raised, would enable the full plan to go ahead.
'Tragic accident'
Huntingdonshire District Council has pledged £50,000 and Huntingdon Town Council is expected to pledge the same amount in addition to £160,000 put forward by the county council as part of its 2008/9 accident remedies and traffic management programme.
The Warren Hay Road Safety Action Group was set up after the teenager was knocked down as he attempted to cross the road to go to a football match at nearby Jubilee Park.
Ian Bates, leader of Huntingdonshire District Council, said: "This was a tragic accident which involved the loss of a young life.
"The local community are working hard to find additional funds to that already pledged. We wanted to make our contribution."
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