A new £6.3 million primary school will combine two existing schools and double the number of pupils.
Silverstone Junior School and Silverstone Infant school will become an all-through primary school which will open its doors to 420 pupils in September 2016.
Silverstone Primary School, for pupils aged four to 11, will start with 45 pupils across two classes per year.
Year size will then grow to 60 once the 220-home development at Catch Yard Farm starts filling up.
Matthew Golby, cabinet member for learning, skills and education, said: “This is great news for Silverstone.
“We are investing over £6million into the new school and I’m so pleased that after consultation with staff, parents, residents and the public the plans have been approved and the new school can go ahead.
“We’re a growth county and with a new housing development being constructed in Silverstone, we’ll be able to meet the rising demand for primary school places in the area.
“Because the new school will have two classes per year instead of one class per year as it currently has.”
The county council originally said it must receive all Catch Yard Farm developer contributions before giving the go-ahead to the school.
But the school has been given the green light after a £4.3 million grant from the Government to add to the £2 million developers’ contribution.
Work on the school will begin on the New Rookery Farm site, off Towcester Road, in summer 2015 ahead of opening in the autumn of 2016.
Northants County Council has worked with the junior and infant schools’ headteachers and governors to create new subjects and sports facilities which will be used by external clubs and groups too.
The new school will retain its voluntary controlled Church of England status and all pupils currently at the infant and junior schools will transfer to Silverstone Primary School from September 2016.