Children's minister Sarah Teather confirmed that the current pot of £625 million will be doubled and will increase further to £2.5 billion for 2014/15.
She stated that the government is keen to boost the chances of the most disadvantaged school pupils and the extra funding is evidence of this.
"It is our responsibility to close the gulf in achievement, where the poorest children are almost three times less likely to leave school with five good GCSEs than their richer classmates," Ms Turner noted.
She added that allocation of the extra funds has not been decided but would be announced in due course.
The government also announced recently that it intends to make it easier for businesses to offer apprenticeships to school leavers.