Birmingham-based developer St Modwen has submitted plans for a neighbourhood park on the 88-acre site, and in its joint venture with Persimmon Homes also lodged an application to build 314 homes alongside.
The residential planning application is the first from the joint venture partners, who agreed in August to build 2,000 homes at seven separate sites over five years, worth £300m.
St Modwen aims to create a 17.5-acre neighbourhood park offering community facilities for local residents.
The park, which will cover a large area of land at the northern end of the site, will be adopted by Wolverhampton City Council once completed.
John Dodds, Midlands regional director for St Modwen, said: “This is a significant site for Wolverhampton with major redevelopment potential and we are working to create a thriving new mixed-use community here.
“The submission of two major planning applications signifies a real milestone for the rebirth of this local landmark, which in turn, will create hundreds of new jobs for local people.”