The local education authority, Devon County Council, plans to remove four temporary classroom and build eight new classrooms.
In addition, a classroom will be converted to a music practice room and a new principal's office with meeting room will be added.
Other improvements, including to corridors, are included in the plan.
A timescale for the rebuild, which has the backing of the local planning authority, North Devon Council, has yet to be confirmed.
For more on this story, see Thursday's North Devon Journal .