The youngster was pronounced dead at the scene, off Wolverhampton Road, while the driver of the DPD lorry is helping police with their enquiries.
West Midlands Police said it was called at around 10pm to reports that a pedestrian had been struck by a lorry near to the Birchley Park Service Station.
The road was shut for more than seven hours while initial investigations were carried out. A second boy was assessed at the scene by paramedics before being left in the care of his parents.
Pictures from the scene last night show a lorry carrying the logo of parcel delivery firm DPD behind police tape. The company has a large base near to the scene.
Det Sgt Paul Hughes, from the force's Collision Investigation Unit, said: "A young boy has tragically lost his life and we are trying to establish the circumstances of what happened last night.
“This is a very busy junction and we are keen to hear from anybody who was in the area at the time and may have witnessed the collision - or saw the boy who was with a friend just beforehand.
"We have specially-trained officers supporting the boy's family at this extremely difficult time."
A West Midlands Ambulance Service spokesman said: “On arrival at the scene, crews discovered a young boy with serious injuries following the collision.
“Unfortunately, it quickly became apparent that nothing could be done to save him and he was confirmed deceased.
“A second boy was assessed at the scene before being left in the care of his parents.”
Aamir Suleman, the manager of the Shell garage off Birchley Island, told the Express & Star: "I was not on shift last night but I got a call saying there was an accident.
"I think the boy was crossing the road outside the garage when he got hit.
"The police came in for CCTV footage but our cameras only cover the pumps."
Anyone with information can call the police collision investigation team on 101; quoting log 2639 of 31/8 or email FL_COLLISION_INVEST@west-midlands.pnn.police.uk.