The FA Board unanimously agreed to underwrite the development, which will be officially called as St George’s Park.
The site will have 12 pitches, including one astroturf, as well as sports science facilities, two hotels and a conference centre.
Board member and chairman of the National Football Centre Board David Sheepshanks said: “St. George’s Park will be a world class facility providing top class education for future generations of English football coaches. It will also be an internationally-leading sports medicine and performance research centre; a training home to enhance international team development; and an inspirational hub for everyone involved in football from the grassroots to elite.
“St. George’s Park will be accessible to all, aspirational, educational, sustainable and iconic - a truly national centre for our national game, in the heart of England. It will herald the concept of a University of Football as we intend to affiliate with Higher Education, Further Education and business schools to improve and advance the many career paths in football.”