Northicote School in Bushbury was reduced to rubble in July last year.
Now 196 homes could be built in its place in Northwood Park Road with the timber-framed houses built at LoCal Homes in Walsall before being put together on site.
Several meetings were held by Accord Housing Association and WV Living for the future of the site in the aftermath.
And now a planning application has been submitted by WV Living to Wolverhampton Council to kick-start the revamp of the disused site.
It says: "The main objective of the scheme is to address the housing shortage in the area, especially with regard to the offer of new build homes for local residents."
The proposed houses will be split into 147 for private buyers and 49 which will be socially rented.
Gardens, parking spaces and four access roads will be created at the heart of the development – with the roads connecting with Northwood Park Road.
And two football pitches on Northwood Park will be improved as part of the plan, with new goal posts, surface improvements and markings.
Northicote School closed following a merger with Pendeford School to form the North East Wolverhampton Academy.
It was classed as failing by Ofsted – becoming the first school to receive the rating – before undergoing a turnaround under the guidance of headteacher Sir Geoff Hampton, who was knighted for his role.