Vicente del Bosque's men will receive €720,000 if they win the World Cup for the second time in a row, with the sum coming under criticism from a Spanish politician
Captain Iker Casillas and vice-captain Xavi have agreed a deal with Jorge Perez, the secretary general of the Spanish football federation, regarding the bonuses the players will receive.
The winning country will receive €27 million, a 37% increase on Fifa's prize money in 2010, and the players will be given 20% more in bonuses than they received four years ago.
Each player and member of the technical staff will be €720,000 richer if they become the first ever country to win the World Cup twice in a row, while Brazil players will each get €330,000 if they win it and the Germans would receive €300,000.
The amount of money has become a controversial subject in Spain, with one politician tweeting: "Spain will pay more than double the bonus that Germany will for the football World Cup. Are we twice as rich as Germany?"
However, Spain coach Vicente del Bosque has defended the sum, telling a press conference:
"We want it all to be entirely transparent. Hopefully we'll win and we can bill the treasury for what we've earned."
Meanwhile Manchester United's Juan Mata insisted the money is no extra incentive for him.
"Sometimes this subject is used against us, but I play with the same dream that I've had since I was a boy of winning the World Cup. I don't think about anything else. It's not within my control to decide whether it's made public or not."
And Spanish football's governing body insist it is a fair amount, as a spokesman told El Pais:
"We see it as an investment. We share what Fifa pays us with the players."