The plans include creating a new home for St Edmund’s Catholic School, whose site the club will take over.
Wolves chairman Steve Morgan’s building firm Redrow Homes has also won permission to build 55 homes at the Compton Park site.
Conservationists had opposed the scheme. A report by the city’s head of development control Stephen Alexander acknowledged the presence of roosting bats, foraging badgers and 31 “notable” species of birds on the site.
He said developers needed to show special circumstances to justify what he called “inappropriate development” of the green belt.
The FA Category One Academy will feature a full-size indoor training pitch and an all-weather outdoor pitch.
Redrow will now buy the Compton Park campus of the University of Wolverhampton, which is vacating the site, and build houses on some of it, handing over the rest to the school as well as making a £2.45m donation.
Wolves will also hand St Edmund’s £2.5m for the existing school site, and the school has £7.9m of Building Schools for the Future money to spend on the project.
The scheme will go ahead as long as it is not called in by Communities and Local Government Secretary Eric Pickles.
Wolves chief executive Jez Moxey said: “We will continue to listen and work with members of the local community as we move our plans forwards over the coming months. Assuming we receive the final approvals to proceed, work on site will start with the construction of the new St Edmund’s Catholic School in April next year.”