The money will fund a National Facilities Strategy which was launched on Tuesday in consultation with the Premier League, Sport England and the Football Foundation. The scheme will aim to improve facilities across the country as part of the FA's 150th anniversary celebrations.
The scheme is set to target 3,000 pitches across England which require improvement, with plans to build a further 150 artificial pitches plus 100 all-weather surfaces also mooted.
"An illustrative figure of over £150m is expected to be invested into the nationwide strategy by the end of 2015," said a statement on the FA's official website.
Research at grassroots level had found 'poor' facilities at 84 per cent of the sites surveyed by the FA.
Roger Burden, chairman of the FA National Game Board, added: "Football has enjoyed a remarkable period of investment since the formation of the Football Foundation in 2000 with over £780m invested into facilities across the country.
"Thousands of clubs and teams have benefited from this investment. However, it is clear that there is still a huge amount of work to be done.
"Whether used by a young person taking those first steps in football or as a veteran player or as a coach, facilities have a lasting and continuing influence on our experience of the game.
"For this very reason, investment in facilities will continue to be a key priority for The Football Association."