The five in the race are Vinci, Kier, Sir Robert McAlpine, Interserve and Willmott Dixon.

The six storey building will be a combination of teaching and social learning space with work set to start on site early next year.

Dr Anthea Gregory, Dean of the Faculty of Social Sciences which incorporates the University of Wolverhampton Business School, said: “The news that we have received planning permission is very welcome and we now look forward to construction getting underway early next year.

“I think it’s very positive for the University of Wolverhampton and also the wider business community, the city and the local economy.

“The new business school will demonstrate our commitment to providing education, training and jobs to help economic regeneration.”

The new build scheme is being led by project managers Gardiner&Theobald and has been designed by Manchester-based architectural practice, Sheppard Robson.