The winners of next year's World Cup final in South Africa will collect £18 million in prize money, FIFA said on Thursday after their Executive Committee meeting in the historic setting of Robben Island.
The runners up will receive £14.5 million and all participating teams will receive an extra £600,000 to cover their preparation costs.
FIFA secretary general Jerome Valcke said that the total prize money available to the 32 finalists would be £253 million, a 61% increase on the pot for the 2006 World Cup in Germany.
As well as the prize money available Valcke said that FIFA would provide £24 million for clubs whose players take part in the tournament.
"Every club who has a player at the World Cup will receive $1600 (£964) per day, per player," Valcke said. "The money will be paid 15 days before the start of the tournament and to one day after the players' participation in the World Cup ends."
The money will be paid to the clubs through their national associations and as part of that package, clubs have agreed not to pursue any claims or any possible compensation through civil courts but only go through FIFA or CAS, the Court of Arbitration for Sport.
FIFA also decided to keep the existing rules for the 2012 London Olympics which means that qualifying teams can use players under 23 years old with the exception of three overage players.