The money is made up of the revenue collected by the International Olympic Committee (IOC) from broadcasters and sponsors and ASOIF have already paid two of three instalments of the money to the federations.
The exact final figure will not be known until early next year when all the payments have been collected but estimates now suggest the figure could even approach as much as $475 million (£296 million/€365 million).
"We are still in the process of collecting payments so we cannot put an exact figure on this just yet," ASOIF director Andrew Ryan told insidethegames.
"But we already know that there is a substantial increase on Beijing.
"There are many factors for the increase, most of which are down to the way the IOC negotiated the broadcast and sponsor rights for London differently from Beijing."
Ryan also said that the figure for Rio 2016 is likely to be similar to that of London 2012 due to the fact that the IOC negotiated the broadcast and sponsor rights for both Games at the same time.
"Given the fact that the two deals were done together, you will not see another substantial increase from London to Rio," he said.
"The next significant change will be between Rio 2016 and 2020."
The International Association of Athletics Federations (IAAF) will get the biggest single share based on ASOIF's formula for distributing the money.
The second-tier of ASOIF members are aquatics, basketball, football and gymnastics while the other 21 sports who participated at London 2012 are in the third tier.
The full distribution figures will be revealed at ASOIF's General Assembly next year which will take place on the side lines of SportAccord Convention 2013 in May in St Petersburg.
Contact the writer of this story at email@example.com