The city council is relocating the market from its current Market Square base.
Southside will be its new home, where it will boast 20 cabins and 48 stalls, fronting Cleveland Street.
It will offer the flexibility to trade from bigger cabins, event space, a secure site with measures in place to combat hostile vehicles while still allowing access for traders to load and unload, CCTV, integrated lighting and power, free WiFi, canopy-covered walkways, offices, customer toilets, and comprehensive parking and storage facilities.
The new market will also provide increased footfall from the Wulfrun Centre and transport Interchange, as well as situating the market in a student catchment area.
Councillor Steve Evans, City of Wolverhampton Council Cabinet Member for City Environment, said: “We are delighted to confirm the new city centre market will open in July.
“The current market traders have been accommodated and based on the expressions of interest we’ve received, we expect occupancy at the new market to be close to 100 per cent once it is open.
“The addition of new traders will provide a more varied range of sales lines to differentiate it from a traditional market offer.
“The new market, partly funded by the sale of Market Square as part of the Westside scheme, has loads of potential – and we want this to be the people’s market, where events are also encouraged.
“It will prove a major asset to the city centre.”
The market move will see 48 tented stalls and 16 purpose-built cabins transferred from Market Square in phases.
The Market Square location is to be absorbed into the new £55 million leisure-led Westside development by developer Urban&Civic.
This will deliver a multi-screen cinema, restaurants, bars, hotel, multi-storey car park, apartments, and public realm to the heart of the city centre, in two phases, over five years.
The city centre market is one of three markets in Wolverhampton, with Bilston and Wednesfield markets also popular places to shop.
For details on opening times visit www.wolverhampton.gov.uk/markets.
Anyone wishing to apply for a stall at the new city centre market should email markets@wolverhampton.gov.uk.