The discount supermarket will be located in Orbital Retail Park and provide 45 new jobs for the community.
It comes as part of Aldi's plan to have 1,000 open stores by the end of the year.
Planner say the build will help "relieve pressure" on existing Aldi stores – one just 0.8 miles away on Walsall Street, Cannock, and another three miles away on Victoria Street, Hednesford. It will be in close proximity to both Sainsbury's and M&S Food.
Robin William, property director at Aldi, said: "We're delighted to be opening a new store at Orbital Retail Park in Cannock in 2023. Aldi is the UK’s fastest growing retailer based on figures from 2022, cementing our position as the 4th most popular supermarket by shopper numbers.
"Our new store at Orbital Retail Park will help us achieve our ambition of 1,000 UK stores by the end of 2023. Our investment here in Cannock will create around 45 new jobs with industry leading wages and will provide local shoppers with a convenient and modern store at one of the region’s most successful retail parks.”
In 2022, the Walsall Road store is reported to have been turning over £17.8 million against a benchmark of £8.9m, whilst the Victoria Street store was bringing in £23.1m instead of £7.1m over 2020.
It means the two stores currently trade around £24.9m above their benchmark turnover which is "more than enough" to support another store in the area, the planning statement added.
Nearby, PureGym has also confirmed that it will be opening its doors in the retail park later this year.