Inspector Tim Hill visited Uplands Junior School in Finchfield last month and concluded that the leadership team has "maintained the good quality of education" at the school since its last inspection in 2012.
He praised headteacher Suzanne Webster-Smith's "strong and determined leadership" and "clear guidance and direction" which has brought about further improvements in teaching; adding that she is "well supported by a very effective deputy headteacher".
He said that "Governance is a strength of the school" and "leaders and governors know precisely what they need to achieve for the school to become Outstanding", also stating: "They are well on the journey to achieving this".
Teachers "make learning enjoyable" for pupils by planning worthwhile tasks and memorable experiences, while pupils themselves "work hard in lessons", "demonstrate a thirst for learning" and are "excellent ambassadors for their school".
Mr Hill found there was a "strong culture of safeguarding at Uplands", while parents "are enthusiastic in their praise" for the school and recognise the work of committed staff and the level of care the school provides to its pupils.
He added that leaders have "tackled effectively the areas for improvement" identified at the previous inspection, and recognised what was needed to improve still further.
Mrs Webster-Smith said: "We are delighted with Ofsted's findings and comments. Staff, governors, parents and pupils have all worked in partnership to ensure that Uplands is a happy, safe and nurturing environment where exciting learning opportunities are provided for our children. We are looking forward to leading the next phase of our development and we are already working on the key areas that need to improve."
Councillor Claire Darke, the City of Wolverhampton Council's Cabinet Member for Education, said: "This is a very pleasing report for everyone associated with Uplands Junior School, particularly given Ofsted's assessment that the school is well on its way to being judged Outstanding.
"This is a fantastic achievement and I would like to thank headteacher Suzanne Webster-Smith, her leadership team, the teachers and support staff, governing board and pupils and parents for all their hard work. I wish them well on their continuing journey towards becoming an Outstanding school."
She added: "Some 85% of primary, secondary, nursery and special schools in Wolverhampton are now rated either Good or Outstanding by Ofsted, the highest ever. This is great news - not just for parents, pupils and the schools themselves, but for the city as a whole."
- released: Wednesday 3 May, 2017