The city council is currently undergoing a project to rebuild Bilston Outdoor Market, funded by 拢5.2million of Towns Fund cash from the Government.
Last year, traders were relocated to another area in the town centre to allow the works to proceed.
But traders said no visible progress has been made since January, and that earlier this month site notices and remaining construction equipment were taken away.
Bilston market trader John Dawkins said rumours have escalated about the site鈥檚 sale to a supermarket chain and a property developer.
The authority has hit back at the claims and said the rumours were 鈥榥onsense鈥.
John said: 鈥淭hey鈥檝e knocked the outdoor markets down but the last time there was movement was back in January.
鈥淵ou ask the powers that be and they either don鈥檛 answer or dismiss it. Then the rumour mill starts.
鈥淲e鈥檝e heard that the council has sold it to a property firm, we鈥檝e heard they鈥檝e sold it to a supermarket – a customer today asked if Aldi had bought the land!
鈥淭here are so many stories.
鈥淲e鈥檝e approached market officers, they say everything鈥檚 on track but nothing鈥檚 happening. It鈥檚 supposed to be complete in October but there hasn鈥檛 been any work for months.鈥
John said he and other traders want reassurance about the future of the outdoor market.
He added: 鈥淪o far we鈥檝e sucked it up because we know we鈥檒l be going back but it鈥檚 not ideal.
鈥淲e want to know when and if we鈥檙e going to be moved back, if it is still on course to be completed in October and why nothing has happened on the site.鈥
Portfolio holder for resident services, Councillor Bhupinder Gakhal, branded rumours about the sale of the site as 鈥榗omplete nonsense鈥.
He said there鈥檚 been no activity on the site since March due to a detailed design and delivery plan being created.
Councillor Gakhal provided no confirmation on whether the market will be ready to reopen in October 2025, but said a timetable of works is due from the contractor 鈥榮hortly鈥.
Speaking to the Local Democracy Reporting Service, he said: 鈥淭he council鈥檚 拢5.2m investment in Bilston Outdoor Market is a major redevelopment programme that will see huge improvements for both traders and visitors.
鈥淩umours of the site being sold are complete nonsense 鈥 and I wrote to every single trader this week to tell them so.
鈥淎fter enabling works, site and ground surveys were carried out and completed in March. The survey results are now being used to create detailed design and delivery plans. That is why there has been no activity on site since March.
鈥淭he final timetable and programme of works are due shortly from the contractor and we have told traders they will be the first to know when we have that information.鈥