A statue of plasticine pals Wallace and Gromit designed by Oscar-winner Nick Park will be erected in Preston.
The bronze sculpture will be located at a gateway to the Lancashire city - though which one has yet to be decided.
The £100,000 statue could be in place by the end of the next year - and it is hoped the creation will attract tourists to the city and emulate the success of the Eric Morecambe statue in Morecambe.
Nick, an honorary freeman of Preston, said: "This is a really exciting project and I'm delighted to be working on the designs.
"As a Prestonian myself, it would be a wonderful honour to have a statue to the characters in my home city."
Developers Grosvenor Limited and Lend Lease, partners in the £700m regeneration of Preston, have already agreed to contribute £20,000.
Money is also being provided by Preston Council and Nick Park's Bristol-based company Aardman Animations. It is hoped private sponsors will provide the rest.
In Preston, the Northwest Regional Development Agency (NWDA) is contributing towards the design costs.
Last month, the Lancashire Evening Post reported how the Wallace and Gromit statue could feature in a mile-long public art trail and could be based at Preston railway station.
The "walk around museum" would allow visitors to see art pieces dedicated to those who have contributed to city life.
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