The funding, which will be formally announced in Wednesday's Budget, is intended to cover the £27,000 "inter-agency fee", which covers the cost of another agency finding, assessing and matching adoptive parents with a child.
It is believed that many local authorities are put off from seeking adoptive parents from outside their area because of the cost, which means children can end up waiting longer to be matched.
Prime Minister David Cameron said: "I am determined to tear down the barriers to children in care being found loving adoptive parents.
"The average time it takes to place a child with a new family has been falling and I am delighted we are able to offer this funding to try to ensure it falls further."
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