The Secondary Heads Association said it would make sense to pay schools because of the expense involved in looking after challenging pupils.
According to deputy general secretary Martin Ward: "In principle this is something we support, although we would have to see the full details of how it would work."
But Jodie Reed, research fellow at the Institute for Public Policy Research, said many schools would not agree to take on excluded pupils because of the "ethos and aspirations" of the school.
She added: "I can't see those schools buying in just because there will be a little bit of extra funding. It would have to be a significant amount."
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