The historic building in Victoria Street has been sold to a private investor for £3 million.
The identity of the buyer has not been revealed, though it is believed the site could be used for flats and retail.
But council chiefs said any scheme must be for the best of the city and they will be watching it closely.
Councillor Harman Banger, economy chief at Wolverhampton Council, said: “We understand the sale has now been completed and we look forward to working with the new owner to deliver a viable, vibrant and timely scheme for this iconic site as part of a re-imagined city centre, benefitting from a billion pounds’ worth of investment.”
Property agents Allsop said the buyer was “expected to reshape the use of the building across multiple sectors”.
House of Fraser is due to leave Beatties later this year to switch to the Mander Centre, bringing an end to more than 140 years of history in Wolverhampton.
The city council, which has held talks with the investor over Beatties, is keen to see plans for its future progress quickly to ensure such a large and iconic site is not left empty for a prolonged period.
Jonathan Butcher, from property agents Allsop, said: “The sale of the building presented a unique opportunity.”