The plans include demolition of existing buildings and redevelopment of the site for a mix of uses including other retail and business space, 20 flats, car parking, infrastructure works and a small park.
Tesco was granted outline planning permission for the store in October 2009 when it was battling it out with Asda and Sainsbury’s over which store would gain a foothold in the town.
Tony Fletcher, from Tesco, said: “We are delighted with the approval and look forward to finalising the details and delivering a new store for Coalville.”
He could not say when work was expected to begin.