Hundreds of people flocked to West Park for the event last year, which has been organised by Carvers Building Suppliers since 1998.
But now race management company StuWeb is taking over with the event now being known as The City of Wolverhampton's Half Marathon.
It will take place this year on Sunday, September 6, 2020, and will include a half marathon and a 10k run, as well as special city centre activities for runners and spectators.
The event will now start and finish in the city centre rather than in West Park with the event more closely supported by Wolverhampton Council.
Wolverhampton Council will help with event co-ordination and promotion.
Phil Templar, race director from StuWeb, said: “The Carver Half Marathon is an event that is well known across Wolverhampton, and we’re honoured to help with its transformation and take the lead in moving it forward."
“We are working closely with Henry Carver, managing director of Carvers Building Supplies, and previous race director, Mary Harding, during this transition as their input is crucial in making 2020's event a success.
“We’re delighted that they will still be involved with the event, and we hope that we’re able to encourage more people from across the city and beyond to take part in future.”
Henry Carver, of Carvers Building Supplies, said the team would support StuWeb and the council during the transition period – adding he was "extremely proud" of the race's fundraising achievements.
He said: “We’re extremely proud of our fundraising achievements and want to support StuWeb and the council during the transition period which is in line with what other cities are doing.”
It will take place on September 6, with the full route set to be released later this year.
Wolverhampton Council cabinet member, Councillor Steve Evans, added: “We’d like to thank Henry Carver and Mary Harding for their work with the city’s successful marathon events over the years.
“Moving the route to the city centre is the right decision and will not only be fantastic for the participants and spectators, but also for local businesses.”
Further details about the event and new route will be released later this year.
Pre-registration for the half marathon and 10k run is now available at www.wolverhamptonmarathonevents.co.uk
Over the years more than £400,000 has been raised for local charities and voluntary organisations through the marathon events.