The Peel Centre was devastated by a major blaze in 2011.
Now, the JD Gyms chain has been granted planning permission by the council to convert Unit 1, previously used by JJB Sports, into a gym.
It is investing £2 million into the Peel Retail Park site off Stafford Street, creating 19 full time jobs.
Alun Peacock, Managing Director of JD Gyms, said: "We're incredibly excited to be bringing a low cost gym with a difference to Wolverhampton.
"We will be offering exceptional fitness facilities, an unrivalled class timetable, luxury surroundings and saunas in a convenient location on a highly affordable basis.
"Discount memberships will be available prior to opening later this year."
The news comes hot on the heels of major discount chain store, Home Bargains, opening its doors for business at the Peel Retail Park earlier this month.
City of Wolverhampton Council Cabinet Member for City Economy, Councillor John Reynolds, said: "It is great to see new occupants moving onto this retail park.
"It is another example of the £3.7 billion of investment currently on site or in the pipeline across the city as part of regeneration plans.
"It brings with it vital job opportunities for the people of Wolverhampton and shows the city is on the up."
- released: Wednesday 21 June, 2017