The Scottish Funding Council (SFC) has provided an early indication of the cash that will be available to the higher and further education sectors for the academic year 2014-15.
Universities should receive just under £1.07 billion - of which about £646 million will go towards teaching.
The funding includes £18.5 million to be invested providing about 3,300 additional university places - most of which will be for college students or people from deprived backgrounds.
The SFC said this should help widen access to university as well as allowing more college students to progress with their studies.
Meanwhile, colleges will be allocated about £526.3 million for the next academic year.
Education Secretary Mike Russell said: "While the final allocations have yet to be confirmed, today's publication of such significant levels of investment into further and higher education highlight the Scottish Government's commitment to post-16 education.
"This announcement means our colleges and universities can progress planning on our priorities such as widening access, progression from further to higher education and more support for college students, mirroring the emphasis that we have placed on education being based on the ability to learn, not the ability to pay."
SFC interim chief executive Laurence Howells said: "Anyone setting their sights at further and higher education will benefit from this funding to colleges and universities across Scotland.
"As well as funding for students, we are also announcing continuing investment in research and innovation, so today represents an investment of over £1.6 billion in better life chances and better prospects for Scotland's economy."