The money will be spent on revamping the school as well as subsidising bursaries for students.

Most of the cash has come from former pupils with ‘significant’ contributions from two donors, the school’s headteacher of five years Vincent Darby said.

The fundraising drive began in June last year and was launched to coincide with the Compton Road school’s 500th anniversary celebrations.

Half of the money will be spent on a £500,000 refurbishment including £300,000 which has already been used to fund an extension to the Derry Hall, where students eat their lunch. It has seen an old stage removed and replaced with a new classroom that is now mostly used to teach A-level PE.

A hospitality suite has meanwhile been added above the sports room. It is connected to a viewing balcony, overlooking the playing fields.

The other half of the money raised will subsidise bursaries for under-privileged pupils to be able to benefit from attending the school.

Mr Darby said: “I’m thrilled to bits with the response. We only launched this drive in June and to have reached just over the £1 million mark already is amazing. The donors are primarily Old Wulfrunians who have been particularly generous and some friends of the schools who wish to remain anonymous.

“We want half to go towards bursaries for students whose families could not afford fees. We want to carry on being Wolverhampton’s grammar school, rather than just Wolverhampton Grammar School.”

The whole development has been dubbed the 2012 Pavilion.

Mr Darby said the plan was to organise an official unveiling ceremony for the development in the summer, including attracting a top athlete to cut the ribbon.

The school’s refurbishment programme also includes work at the senior school which will see the walls painted, wooden areas varnished, a new sound system installed, as well as new seats, lighting and a new organ fitted. Meanwhile, a new playground is being created for the junior school, for youngsters aged seven to 10.