The facility will include partners and providers from the health, social care, wellbeing and leisure sectors to support around 18,000 residents and will be located close to the WV Active Bilston-Bert Williams leisure centre.
The public has been consulted on the plans through a series of meetings held both online and at the Bilston market.
Cabinet members will be asked to approve the scheme at their next meeting on 12 July, ahead of a full council meeting and the submission of an outline planning application.
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The proposals will be funded primarily by a Government grant of £20 million which the council secured in March as part of its Bilston Health and Regeneration Programme.
Commenting on the plans, Councillor Stephen Simkins, City of Wolverhampton Council Acting Leader and Cabinet Member for Inclusive City Economy, said: "This new facility will provide invaluable health and wellbeing services for the local community.
"The feedback we have had from residents and stakeholders has been hugely positive and their input has been invaluable in developing plans for what will be an important community asset.
"The facility will be located where it can benefit the community the most, right in the centre, making it highly accessible and underpinned by investment in high quality public realm and connectivity.
"We want our traditional local centres to flourish, and this scheme builds substantially on the investment already made in Bilston in recent years."
