The Dons say the bronze monument outside Pittodrie Stadium will be the first in a series to honour the club's heroes.
The statue will be sculpted by Andy Edwards and based on a photograph of Sir Alex celebrating Aberdeen's 1980 title success at Easter Road.
Ferguson, who won 10 major trophies in eight years at Pittodrie before going on to further success with Manchester United, said: "I am thrilled and honoured by this recognition from Aberdeen Football Club, where I spent a fantastic and memorable part of my managerial career.
"I am particularly pleased with the image the club has chosen to base the statue on and with the choice of sculptor whose recent work is incredibly lifelike. I can't wait to see it!"
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