The idea is to provide a rented space for experts in different services and jobs so that the site becomes a one-stop shop.
Work on the new building with showroom and offices will begin after completion of new warehouse facilities at the Littles Lane site.
The original building was demolished after a fire in February that started in a wood-burning stove and which also destroyed huge quantities of stock.
Managing director Henry Carver said he hoped work wwould be completed by Christmas.
The company, which employs 200 people in Littles Lane and another site in Wednesfield, is operating from a large temporary warehouse and outlet, and was trading normally, Mr Carver said.
The popular 116-year-old firm, which sponsors community efforts, received massive local support after the fire. It organised the recent Carver Wolverhampton City Marathon.
