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The Market Street pub, which was built in the early 1970s, is on land owned by the council and Marston's has agreed to surrender its long term lea
The pub will continue to trade until it is demolished, with a date yet to be confirmed.
It sits adjacent to other land in the council's ownership and will provide the opportunity to enhance links with the bus station and the metro, and potentially create development land at the same time.
The outdoor market will continue to operate during the demolition works.
The proposal forms part of the wider regeneration of Bilston.
Marston's recently opened a family pub/restaurant, the White Rabbit, at Bilston Urban Village, following on the back of new homes being built and the area seeing extensive areas of open space landscaped for public use.
The first phases of works also produced significant investment in the building of the Bert Williams Leisure Centre and South Wolverhampton and Bilston Academy - improving health and increasing opportunities.
A commercial development plot fronting the Black Country Route and the newly named Bert Turner Boulevard linking the site with the town centre was also created.
Cabinet Member for City Economy, Councillor John Reynolds, said: "We are delighted to have reached this agreement with Marston's over the Hop Pole Inn.
"It will enable the land to be better utilised for the benefit of the town and, in particular, the outdoor market.
"It is part of the wider regeneration of the area to deliver new homes, new jobs and more investment. It demonstrates our commitment to Bilston and ensures it will continue to be a thriving area."
A planning application for the demolition and change of use of the site is due to be submitted around the end of May.
- released: Wednesday 16 May, 2018