The multi-million pound overhaul could also include two stations between Wolverhampton and Walsall, it has been confirmed.
A new train and Metro station at the Merry Hill shopping centre in Brierley Hill could mean passengers from Wolverhampton would be able to get to the shopping centre by train for the first time.
At the moment shoppers from Wolverhampton have to catch a bus to the centre that can take more than an hour.
Meanwhile West Midlands Railway trains would also run on the Severn Valley Railway line to serve a new station at West Midland Safari Park.
The main line would leave the line at Kidderminster and split onto the Severn Valley Railway before stopping at a new station at the West Midland Safari Park, said West Midland Railways spokesman Nick Brown.
The proposals rest on the outcome of ‘feasibility assessments’, say the operator, which has now officially taken control of Wolverhampton Railway Station from Virgin Trains.
There are plans to introduce 20,000 extra seats and standing room for an additional 50,000 passengers at peak time in and around Birmingham, as well as additional late night and Sunday services across the region.
The other three of seven new stations could be in Birmingham at Camp Hill Moseley, Kings Heath and Hazelwell.
The plan is being led by West Midlands Railway, West Midlands Combined Authority, Wolverhampton council and Transport for West Midlands.
Leader of Wolverhampton council Councillor Roger Lawrence said: “The whole thing is really quite exciting and the whole project is moving forward at pace.”