The £50m scheme for Compton Park will see the city get a new school building, Redrow Homes build 55 four and five-bedroom luxury houses and the football club build a FA Premier League Category 1 Football Academy.

To enable the plan to get off the ground, the University of Wolverhampton has sold the Compton Park site of its former business school to Redrow Homes.

This will pave the way for the local St Edmunds Catholic School to move into the business school buildings on the site, once it has been expanded and refurbished.

Funding for this aspect of the deal is being aided with nearly £8m allocated from the BSF programme, which will be channelled into the £13m school building plan.

New St Edmunds school planned at former university campus business school

Wolves in turn will expand its existing training facilities to include a new £6m complex incorporating indoor and floodlit football pitches on the land where the school currently stands.

Meanwhile, the university will use proceeds from the land sale to build a school of applied sciences in the city centre.

Morgan’s plan will be submitted to the local planning authority shortly.

Wolves chairman Steve Morgan said: “This unique proposal has huge benefits for the City of Wolverhampton. It is almost unheard of to see so many parties from the public and private sector collaborating so well together for the benefit of all.

“It is one of the most significant proposals our city has seen for many years and will provide compelling educational, community and economic benefits, not just for the users of Compton Park, but for thousands of people across Wolverhampton.”

He added: “The nature of the plans with each development completely independent of the other, means that we have only one very limited window of opportunity to bring these proposals to fruition.

“We all remain confident and optimistic there is the joint will and impetus, along with the finance already in place, to make these plans a reality.”