The Department for Transport (DfT) and Surrey County Council have agreed a deal to fund a new £32.3M road bridge between Walton and Shepperton in Surrey.
As part of the financial package, the Department for Transport will contribute £23.8 million, with Surrey County Council providing the rest of the money for the new bridge.
The project on the A244 will also see junction improvements, improved facilities for horse riders, and a widened pathway along the riverside.
According to Surrey County Council, work on the bridge will start early this year, with the project set to be completed and opened to traffic by summer 2013.
Once the new bridge is open, the temporary bridge will be removed, and final landscaping work will take place and will be completed in 2014.
The scheme was granted planning permission in March 2008.