The plans include creating a new home for St Edmund鈥檚 Catholic School, whose site the club will take over.
Wolves chairman Steve Morgan鈥檚 building firm Redrow Homes has also won permission to build 55 homes at the Compton Park site.
Conservationists had opposed the scheme. A report by the city鈥檚 head of development control Stephen Alexander acknowledged the presence of roosting bats, foraging badgers and 31 鈥渘otable鈥� species of birds on the site.
He said developers needed to show special circumstances to justify what he called 鈥渋nappropriate development鈥� of the green belt.
The FA Category One Academy will feature a full-size indoor training pitch and an all-weather outdoor pitch.
Redrow will now buy the Compton Park campus of the University of Wolverhampton, which is vacating the site, and build houses on some of it, handing over the rest to the school as well as making a 拢2.45m donation.
Wolves will also hand St Edmund鈥檚 拢2.5m for the existing school site, and the school has 拢7.9m of Building Schools for the Future money to spend on the project.
The scheme will go ahead as long as it is not called in by Communities and Local Government Secretary Eric Pickles.
Wolves chief executive Jez Moxey said: 鈥淲e will continue to listen and work with members of the local community as we move our plans forwards over the coming months. Assuming we receive the final approvals to proceed, work on site will start with the construction of the new St Edmund鈥檚 Catholic School in April next year.鈥�
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