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Negotiations are in the final stages with Superdrug, the UK's second largest beauty and health retailer, over a move into the ground floor of i10 (Interchange 10).
It would be the company's second store in the city centre, creating new jobs and attracting further investment into the city, while its Mander Centre outlet will also remain open for business.
The council is also in advanced negotiations with other businesses interested in moving into i10, which is based at the Wolverhampton Interchange next to the bus and railway stations.
Councillor Peter Bilson, Deputy Leader and Cabinet Member for City Assets, said: "The roof is now complete on i10 and with a second company set to sign up as a tenant it is great to see the vision becoming a reality.
"We have had a great deal of interest in i10 from a number of different companies and we are delighted a brand like Superdrug is looking to expand its presence in the city.
"We look forward to making more announcements in the coming months."
Greene King came on board last year and will open a Hungry Horse family friendly pub restaurant on the ground floor of i10.
As well as encouraging more investment and boosting prosperity in the city, the i10 scheme will become the gateway to the city for people arriving off the national rail network, by bus or Metro.
Wider development will include a major new railway station and relocation of the Metro stop.
Planning permission has been granted for the extension of the station car park and the new bus station is already in use.
- released: Tuesday 25 August, 2015