The 60-space car park will be built on derelict land off Lunt Road, according to proposals put forward to Wolverhampton Council.
It will feature a pedestrian route through gates into the ground, which will be separated by an 8ft wall with a 'ball fence' on top. Access will be via Lunt Road.
The scheme forms part of a major stadium redevelopment announced earlier this year after the club signed a new 35-year lease with the council.
The car park is considered an integral part of the plans, which also include a new 3G pitch, turnstiles, revamped changing rooms and improved bar and stand facilities.
Club chairman Denise Frankham, said: "This is a positive move for the club that will enable us to push on with the rest of our plans to redevelop Queen Street.
"The new car park will benefit supporters and improve the area for the local community by taking parking off the streets.
"It will also bring an overgrown, derelict site into use while protecting wildlife."
The club are hoping to start work on the car park before Christmas, with the council-owned site set to be cleared for development once an issue with badgers is sorted out.
Once the car park has been completed the club will focus on securing funding for a 3G pitch, which it is hoped will be fitted next summer ahead of the 2023-24 season.
Under the plans, the new pitch will be situated closer to the Black Country Route, allowing more space on the Queen Street side of the ground to extend the main stand.
The club bar is under new management and is currently undergoing a revamp.
On the pitch the Steelmen have produced a strong start to the season under new manager Mike Dunn, taking 16 points from seven games ahead of Saturday's clash with Coton Green.