Best Mate will become only the fourth horse to be honoured with a statue at Cheltenham racecourse.
The triple Gold Cup winner was laid to rest behind the venue's winning post on Saturday and follows in the footsteps of Golden Miller, Arkle and Dawn Run.
"We'll make a formal announcement early in the new year, but there will be a statue," course boss Edward Gillespie told BBC Radio Gloucestershire.
"A sculptor has been appointed and it will be ready for the Festival."
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