A new entrance and footpath is to be created at the markets car park, as part of a project to support the new Sainsbury's development that is being constructed in Raglan Street.
Contractors are due to start on site on May 19 and the works are anticipated to last until mid June.
The car park will remain open throughout the works with a small number of spaces being closed off as the project progresses. No work will be carried out during the main market days of Tuesday, Friday and Saturday.
The new pedestrian link, which will see a new crossing created across Ring Road St Mark's to connect Sainsbury's with the city centre. The first phase of this scheme started last month.
The former crossing by Great Brickkiln Street has now been closed and pedestrians can use the subway or the existing crossing by Chapel Ash to safely cross the Ring Road until the new link is open.
Sainsbury's are funding the whole road improvement project while the construction of the new Raglan Street store takes shape.
Other work that has already taken place to support the development includes an additional lane on Ring Road St Mark's approach to Chapel Ash Island. Junction improvements have also been carried out at Chapel Ash and on Penn Road.
Sainsbury's started work on the new store last October and the development is expected to be completed in the summer.
Tim Johnson, Wolverhampton City Council's Strategic Director for Education and Enterprise, said: "This phase of work is progressing very well.
"Sainsbury's will attract many new shoppers to the store and the pedestrian link will provide them with a quick and convenient walkway into the markets and the wider city centre.
"The markets car park will remain open throughout this phase and disruption will be kept to a minimum, with only a small number of spaces closed while work is undertaken.
"We have also ensured that these works will not be carried out on the main market days so traders will not be affected adversely."
"Good progress is being made with the store and this represents a significant investment in the city, bringing scores of new jobs and providing a shot in the arm for the local economy."
- released: Tuesday 13 May, 2014