Developers controversially revealed last year that they wanted to bulldoze the historic market building to make way for housing.
The proposed development for the site in Edgbaston Street would provide up to 745 apartments or up to 1,544 student bedrooms 鈥 or any combination of those uses 鈥 in the city centre.
It would also provide new public realm works, a private central courtyard and roof-top terraces as well as commercial space.
But concerns over what could happen to the market traders were a recurring theme at council planning meetings this year.
A report previously said there were plans for a temporary market on the former wholesale market site, which the traders would be moved into.
On a longer-term solution, it said there was hope the traders woud move into the new permanent market building on the wider Smithfield site.
An update, issued ahead of a planning meeting in February, said there had been 鈥渘otable progress鈥 on the Smithfield plans, adding it provided a 鈥済reater level of certainty over future market provision鈥.
It said the council would be submitting an application to the Enterprise Zone for funding to secure the delivery of both the temporary and replacement permanent markets.
鈥淯ntil such funding is secured, there remains a risk to the delivery plans,鈥 the update acknowledged, however.
Councillors remained concerned during the meeting in February, with Coun Jane Jones saying at the time: 鈥淲e should preserve the market and traders deserve to know where they鈥檙e going to be on a temporary basis until their permanent home is built.鈥
鈥淲e can鈥檛 guarantee a new space, we can鈥檛 guarantee money,鈥 Coun David Barker added.
It was ultimately decided by council planners during that February meeting to defer a decision on the proposals for a second time.
But another council update, issued ahead of it being considered by the planning committee for a third time next week, said there was now an 鈥渋ncreased level of certainty over future market provision鈥.
In particular, it stated meetings had taken place between the leader and deputy leader of the council, the applicant Hammerson, council officers and Lendlease, which is behind the wider Smithfield redevelopment.
鈥淭hese meetings were utilised to discuss the importance of delivering the temporary market and the process for achieving delivery in a timely manner,鈥 it continued.
鈥淭he council鈥檚 lease on the current indoor market was due to end in September 2025.
鈥淗owever, following positive discussions with the applicant, the council successfully negotiated an extension of the lease until March 2027.鈥
The update said the extension provided the 鈥渘ecessary time鈥 to deliver a temporary market on the Smithfield regeneration site, ahead of the transition to a new, permanent one.
Of the funding, it said the outline business case was approved by the Enterprise Zone Partnership Board earlier this month and would be presented to a future cabinet meeting prior to the submission of the funding bid.
鈥淚n parallel, the council is progressing joint venture negotiations with Lendlease, which is expected to take on responsibility for delivering the temporary market facility,鈥 it said.
The council said the plan provided a 鈥渃redible pathway鈥 towards providing the future markets as well as 鈥渃ontinuity for traders and the public鈥.
鈥淭his will include relevant support for the traders in the various stages of transition, including providing business support to help strengthen the traders business models,鈥 it added.
鈥淚t is considered there are no reasonable grounds upon which this application could be refused or delayed further and therefore the application is still recommended for approval.鈥
Those behind the schemes said its benefits would include new housing, the potential of creating a 鈥榞ateway鈥 development, public realm enhancements and the use of brownfield land in a 鈥榟ighly sustainable鈥 location.
The proposals are set to be considered by the city council鈥檚 planning committee on Thursday, July 3.