The £11m complex will complement the existing college facilities available to students and members of the public at its £64m Wisemore Campus.
Work is expected to start on the build next summer and will be completed by September 2015 if the college is given funding approval.
The college’s governing body has approved plans for the hub, which will include a business incubation centre and a sports hall with badminton courts to Sport England standards, dance and fitness studios, a sports training and injury clinic and spa facilities.
Director of Operations and Resources at Walsall College, Deb Rajania who is responsible for the project, said: “The Walsall Business and Sports Hub is the next phase of our learning campus development and we are delighted that Walsall Council is supporting our vision to increase participation in sport and wealth creation for our learners and wider Walsall community.