The move is in line with CAF President Patrice Motsepe's commitment to making African football competitions more competitive and self-sustaining, according to a statement by CAF.
"In the CAF Champions League, the winner will receive $4 million, an increase from the previous prize of $2.5 million," CAF said in their statement.
"In the CAF Confederation Cup, the prize money for the winner has increased from $1.25 million to $2 million," the statement added.
Egyptian giants Ahly are one step closer to the Champions League final after an impressive 3-0 win over Esperance of Tunisia in Rades last week.
The two teams will meet again in Cairo on Friday for the second leg game.
Meanwhile, title holders Wydad Casablanca were held to a goalless draw by nine-man Mamelodi Sundowns of South Africa in the semifinals' first leg last week. They will play the second leg on Saturday.
The CAF Champions League final will be played in a two-leg game on 4 June and 11 June.
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