Sean Bulle, aged 20, from Clover Ley, Heath Town, will appear before Wolverhampton magistrates on Monday, July 20, charged with the murder of 24-year-old Paulius Petrasiunas on Chervil Rise.
A 47-year-old man arrested on suspicion of assisting an offender has been released under investigation.
Detective Inspector Jim Mahon, from West Midlands Police homicide team, said: “This charge is a significant step forward in our investigation, but we still need to hear from anyone with information who has not already spoken to us.
“Mr Petrasiunas’ family has been kept fully updated and our thought remain with them as they grieve their loss."
The fatal stabbing happened outside the block of flats in Chervil Rise on Monday, July 13.
Police received a 999 call at around 5.20pm reporting a man had been attacked with a machete.
A manhunt was launched to trace the suspect after he escaped on foot – and on Thursday, July 16, West Midlands Police officers confirmed a 20-year-old man has been arrested on suspicion of murder.
Those with any information should contact West Midlands Police via Live Chat on the force's website, call 101 or contact Crimestoppers anonymously on 0800 555 111.