The Beatles' late manager will be honored with a statue be placed near the former location of the Epstein family's NEMS record shop in Whitechapel, the BBC reports.
Sir Paul McCartney said he was "delighted" to see the plans.
Jane Robbins, one of the statue's sculptors and McCartney's cousin, said: "He said a few rude words but we were at a family party and I had the photos of the final clay on my phone.
"I showed him the photograph and he said 'bleep, bleep, bleep Janie, that's dead good like'.
"He spent several minutes looking at it and he was delighted.
"I don't know if there was an actual a tear in his eye but he was very moved to see the clay and that, I think, speaks volumes.
"When you get a likeness, people do often cry because that person isn't around anymore."