The new 200,000 sq ft centre could be built on Sandwell Council-owned Lion Farm playing fields, just off Junction 2 of the M5.
It would feature top brand shops as well as cafes and restaurants. New sports pitches would also be built nearby as part of the deal, part funded by Birmingham-based developer Jeremy Knight-Adams.
It is believed the additional jobs would represent a two per cent increase in employment in Sandwell while the development will bring a £200m investment to the area.
As well as generating permanent employment, once complete, several hundred jobs would also be created or supported during the construction phase.
The development was first mooted in 2012 when an option agreement was made between the developer and Sandwell Council over the land.
Sandwell Council’s cabinet members will decide next Wednesday whether to grant the developer extra time to work on the proposals.
A full planning application could be in by autumn 2018.
Developer Jeremy Knight-Adams said: “I am whole-heartedly committed to delivering an exciting project for the people of Sandwell.”
Any potential development would need consent by the council’s planning committee, which could also be referred to the Central Government for approval.
Councillor Paul Moore, cabinet member for regeneration and economic investment, said: “If approved the extension will give the developer sufficient time to consult with local people on the plans as well as compiling necessary reports in order to submit a planning application.”