The market will relocate from Market Square to a new home in Cleveland Street on the site formerly used by Netto and a furniture store, which is currently used as parking.
And many of those who use the market regularly said they would welcome the more central location.
Richard Latham, aged 52, who runs a fruit and vegetable stall, said: "It would be a better location.
"It would be better than here because here is on the edge of town. It is more sort of centralised around there. It is a good move."
Weekly shopper Ted Garbett, 84, from Bilston, added: "Yes I would be happy with the move.
"We come on the bus and we have to walk from the bus station to here. At our age it is bit rough on the knees."
Faoir Chand, 77, who runs a watch stall and had previously been in the indoor market, said: "They keep moving the market so many times.
"It might be better than this. It is not brilliant at the moment."
Others at the market questioned whether the move was really necessary.
Parsan Jassal, 62, who runs a stall selling household goods, said: "It is a waste of time. Why spend that much money on this market first.
"They have got a good building here.
"They can put that building to use for the indoor market and use the car park for this outside market."
Shopper John Rawland, 57, added: "What about all these poor traders who have been here for years.
"They could do a compromise and do it in the middle."
One man who had been shopping at the market for 20 years proposed an alternative option.
Lawrence Disley, 62, from Heath Town, said: "The most popular thing I think is they would like it back in the High Street itself where they have the Farmers' Market.
"I think that is what most people would desire.
"Back where it was time ago."
The proposed move will pave the way for a £55 million regeneration scheme at Westside to include a multi-screen cinema, restaurants, bars, hotel, multi-storey car park, apartments and public open space.
Members of Wolverhampton council's cabinet are set to approve the market relocation on Wednesday.