The decision means Wates can start the £4m refurbishment job on Derbyshire’s iconic building in Februray.
Mace’a cost consultancy business Sense provided advice on the feasibility study, including budget cost help for each design option.
Wates will replace the hall’s roof with a glazed atrium, completely refurbish the assembly rooms and create new entrances.
The council and Wates aim to place orders where possible with local sub-contractors and to employ local people in the construction site.
Wates will hold a meet the buyer event prior to construction.
Cllr John Burrows, leader of Chesterfield Borough Council, said: “This development is going to be one of the town’s most exciting projects as the Market Hall is such a well used and much loved building.”