Edgware Jewish Primary is ready to start building a single-form entry school and hopes to become state funded when it opens in 2011.
EJPS has been operating as an independent school since 2006, growing from an opening intake of 39 pupils to more than 130 children.
In October 2008, it was granted planning permission for a larger site in Hale Lane.
This will be equipped with high-tech IT facilities, library, gym, playground and full disabled access. It will make more places available in years two to four and at full capacity, EJPS will accommodate 240 children from the age of three.
Building work is going out to tender later this month and construction is due to start in September.
"Just four years ago, many families were struggling to find a suitable Orthodox primary school for their children," said governors' chair Eddy Breuer-Weil.
"We now have over 130 children in our thriving school and are about to realise our dream of building a modern, fully equipped educational facility in the heart of Edgware."
Along with the Jewish Secondary Schools Movement, the governors have been fundraising for 18 months.
Mr Breuer-Weil added that the intention had been always been to make EJPS voluntary aided "and we have been working closely with Barnet Council to make this possible at the earliest opportunity.
"The process of applying began several weeks ago with a six-week public consultation for interested parties. We hope to move into the state sector in 2011."
Last year, EJPS head Sara Keen slammed the then government's schools department after the withdrawal of funding to help its transition to a state school.
She now says that "staff and children are looking forward to the changes and exciting opportunities that the next 18 months will bring".