A flythrough video has been released showing how the revamped Arnold Market will look like once completed.
The £4m scheme was approved by the cabinet on Thursday (August 6), and the council will now have to apply to itself for planning permission.
It is hoped construction work on the site could start in January next year, before the facility is opened to the public by Christmas 2021.
The borough council bought the site back in July 2018, arguing it was under-used and in need of significant investment.
A new two-storey ‘landmark’ building, between the Methodist Church and King George V park will now be created as part of the upgrade.
A Gedling Borough Council report on the upgrade said: “One of the primary aims of purchasing the site was to revitalise the market area with new market stalls and reignite both seller and consumer interest in utilising this area as a vibrant marketplace.
“To this end, the development of the new building and improvements to the public realm will increase interest in the market stalls.
“It is envisaged that this will generate enough interest to fully occupy the 24 market stalls provided within the development site.”
Labour councillor John Clarke is the leader of the council.
He said: “I think this fits entirely where we want to go, in terms of a restructure, building and making something for people to be proud of across the borough, and hopefully it will be an attraction for people to come along, not only to the market but also to do other things.
“It’s an excellent project. We need to back it, people out there need to back it, and we need to work with small businesses because the country is built on small businesses.”