The authority has confirmed it has allocated £3,983,620 in its capital strategy to buy the NCP car park at the bottom of Wyle Cop.
The move has sparked questions from the council's Liberal Democrat opposition as to what the plans for the site are, and how they fit in with ambitions to cut down the amount of traffic using the town centre.
A spokesman for the council said the purchase of the site had been approved, but that talks over the acquisition are continuing.
He said: "In line with the council’s capital strategy, the strategic acquisition of the NCP car park in Shrewsbury has been approved, but negotiations relating to the proposed acquisition are still taking place."
The intentions for the site have not been revealed, or whether the council would continue to run it as a car park, or redevelop the land.
Shrewsbury's Liberal Democrat Copthorne councillor, Rob Wilson, has called on the council's performance management scrutiny committee, which meets on Thursday, to provide clarification on the plan – particularly how it sits with 'Big Town Plan' ambitions for Shrewsbury.
In a question submitted to the committee, he said: "This committee is considering the capital strategy. I would like to seek clarification of two items, firstly the circa £4m allocated for the purchase of the NCP Car Park on Wyle Cop in Shrewsbury, secondly the £4.5m allocated to the possible construction of a multi-storey car park. How does this square with the aims of the Big Town Plan to place car parking outside of the river loop?"
Shropshire Council said the £4.5m allocation for a multi-storey relates to a Bridgnorth project, which may or may not involve a new car park.
The spokesman said: "An investment of £4.5m to revitalise Bridgnorth’s High Street and public realm has been agreed by cabinet as part of the council’s wider financial strategy. This is subject to agreement at full council before specific reports on the details of the scheme are considered and agreed, and a public consultation is then carried out.
"The money hasn’t been allocated to a specific project of piece of work and council officers are working through the data from the recent public engagement to understand which projects people living and working in Bridgnorth want the council to deliver. Officers are refining and pricing proposed schemes and the options will be presented to cabinet and to full council in the new financial year for approval.
"While a multi-storey car park is a potential option for Bridgnorth there are a number of other schemes being considered, such as public realm improvements, pedestrianisation, active travel etc."