The 86-cap lock will be immortalised in bronze in recognition of his storied 11-year career in rugby, during which he captained both Queensland and Australia.
The statue of Eales will capture him being lifted by another player in a lineout and is designed to enable fans to pose for pictures while holding his legs.
It will be unveiled before Australia's Rugby Championship Test against South Africa in September.
Eales won two World Cups with Australia - one as captain in 1999 - and led Queensland to two Super Rugby championships.
