Mohammed Haroon Zeb, aged 39, was shot in Queens Cross just after 12.35am on January 31.
He was taken to hospital with serious injuries but later died.
West Midlands Police have now arrested a 47-year-old man on suspicion of murder. The suspect was in custody on Wednesday night.
Two men have already been charged with the murder of Mr Zeb, who was known as Haroon. They are Hassan Tasleem, 23, of Richmond Road, and Akarsh Tasleem, 25, of Shaw Road.
As part of the investigation a 26-year-old woman was arrested on suspicion of assisting an offender, and three men - aged between 19 to 26 - were previously detained on suspicion of perverting the course of justice. They have all been bailed.
A 37-year-old man was previously arrested on suspicion of murder but has since been released with no further action.
Another man, aged 20 has also been arrested and released on bail.
Anyone with information is asked to contact police, quoting crime reference number 20DY/28354Z/21.