The store at the former Toys r Us site off Bourges Boulevard will open on Tuesday, December 1.
It will be joined by an outlet from budget retailer Home Bargains on January 23, 2021.
Iceland’s Food Warehouses are bigger than its traditional stores and allow customers to buy products in bulk. It currently has one open at Ortongate Shopping Centre.
Home Bargains is the trading name of TJ Morris which owns the freehold of the former Toys R Us store.
Toys r Us fell into administration in February 2018, and 14 months later the derelict store was ravaged by a huge blaze.
Shortly before the fire Home Bargains had submitted its own plans for a discount shop at the premises off Bourges Boulevard, with a deal later agreed for Iceland to move in as well, creating dozens of new jobs.
An Iceland spokesperson said: “Founded in 2014, the Food Warehouse now has more than 130 stores across Britain. They are all large format stores, with a car park, providing the value and convenience of a wholesale store without the hassle of membership.
“The Food Warehouse is opening new stores up and down the country in retail parks and larger shopping districts. Each store is given a high quality warehouse style fit out, and covers between 8,000 and 25,000 sq ft of retail space. The new store in Peterborough is due to open on Tuesday, December 1.
“The Food Warehouse offers great value, family-favourite products across frozen, chilled, fresh, branded grocery and homeware lines.
“The Food Warehouse also has a number of exclusive partnerships with brands including Slimming World, TGI Fridays and Greggs.
“Local residents can also look out for the store opening Facebook event now for a chance to win a £50 voucher to spend in store.”
Iceland is yet to reveal photos of its new store but has provided images of a similar Food Warehouse elsewhere.