The bronze statue will be erected in honour of "the most brilliant Chinese movie star of the century".
Fans of the actor were invited to choose their favorite of three different models of the statue.
Bruce Lee died in 1973 at the age of 32. He was born in the United States, but moved to Hong Kong at an early age.
The actor is credited with bringing action films featuring martial arts to the world. A few of his films include Fists of Fury, Enter the Dragon, The Chinese Connection and Return of the Dragon.