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The Interchange partnership has submitted plans to demolish the existing station and replace it with a new one.
Work is due to begin on the new railway station next year following the extension and refurbishment of the railway station multi storey car park, which is expected to be completed by Christmas 2016.
It forms part of a £120 million Interchange project that will also see a Metro line extension, including a new stop at the station.
The new station will also benefit from an enhanced Birmingham New Street style ticket office, larger passenger concourse, ample ticket barriers to ease flow onto and off platforms, much improved retail and café facilities, increased taxi rank provision and a more efficient passenger drop off/pick up arrangement.
Councillor Peter Bilson, Deputy Leader and Cabinet Member for City Assets, said: "This is an important step forward in the Interchange project, which is really gathering pace now.
"The people of Wolverhampton can look forward to a railway station befitting of their city.
"There is £3.7 billion of investment currently on site or in the pipeline across Wolverhampton.
"As part of this regeneration it is crucial visitors to our city get the best first impression possible and their travel experience is enhanced - this new state of the art station will deliver that."
Steve Parry, Managing Director of Neptune Developments, added: "These proposals for the main railway station building illustrate that the city will soon have a new high quality gateway.
"Submitting the plans is a key milestone in this exciting project for Wolverhampton."
Dave Whitehouse, Virgin Trains Interchange Project Manager Wolverhampton, said: "The images that accompany the plans really bring the new look station alive.
"There's a real sense of excitement as we work together to give the city a station to be proud of."
- released: Wednesday 8 June, 2016