The six storey building will include teaching rooms, lecture halls, offices and a café.
A full planning application has been submitted to Wolverhampton City Council. If approved, work on site should start in December this year with completion for May 2015.
Faculty dean Dr Anthea Gregory said: “We want the new business school to provide an exciting learning environment supported by the latest technology and able to offer tailored facilities to meet the needs of learners from sub-degree level right the way through to executive education.”
The plans are part of an investment of around £45m by the University to redevelop its City Molineux and Wulfruna Campuses in Wolverhampton city centre.