Under the plan The British Sikh School will occupy the 29-acre plot in Ettingshall, which it will share with Wolverhampton Vocational Training Centre which is also set to move to the disused Tarmac site in 2016.
Tarmac left the Ettingshall site two years ago to relocate to Solihull as part of its merger with French giant Lafarge in 2013. Since then the firm has been acquired by Irish materials giant CRH.
The former Tarmac building will be extended and refurbished, with new classrooms created to allow the planned influx of students across both schools.
A new sports hall and playing fields will also be constructed.