The steering committee for the Golders Green Jewish Primary School is in advanced negotiations with the United Synagogue to use land at the back of Golders Green Synagogue for its premises.
GGJPS, one of the government's free schools, will open its reception class in September. Its plan is gradually to refurbish the site to provide a state-of-the-art school.
"We are very excited that capital will be provided for the buildings to be comprehensively refurbished and remodelled," said GGJPS governors' vice-chair, David Vaughan.
"With such a promising site, parents will not face any of the long-term uncertainties associated with schools housed on temporary premises."
Mr Vaughan was among the speakers at a meeting for more than 70 parents, as was governors' chair, Rachel Clark, and religious principal, Rabbi Harvey Belovski. The meeting marked the opening of the admissions process for the school, which will accept 28 children in its first intake.
"It is really exciting to see this project gathering momentum as we prepare to open our doors," Ms Clark said.
"There was real enthusiasm from prospective parents at the meeting, both for a new school in the area and the type of ethos that will underpin GGJPS."