The suspect, a 21-year-old local man, handed himself in to police last night and was arrested on suspicion of wounding in relation to an attack in Heath Town on Tuesday.
He was due to be question today.
The victim remains in hospital in a stable condition after having surgery in the wake of the attack, which happened on Tremont Street at around 2.30pm.
He is believed to have been deliberately targeted, police said on Tuesday as they appealed for witnesses to come forward.
Armed police were sent to the scene at the back of the Wednesfield House flats.
Detectives are still keen to hear from anyone with information and can be contacted on 101 with the log number 1490 of 26/6/18.
Information can also be given anonymously to Crimestoppers on 0800 555 111.