Permanent tribute is planned for Sir Steve Redgrave

The statue, appropriately, will be close to the River Thames where Steve first learned to row. It is expected to cost between £50,000 and £100,000 and could be in place by November.

The statue will be around ten feet tall and will be cast in bronze. The Royal Society of British Sculptors will now select five artists to compete for the job.

The decision on a permanent tribute to Sir Steve was made after two months consideration by a committee which included representatives of Marlow Rowing Club, the town council, the chamber of trade and Marlow Bottom Residents' Association.

Hugh McNearnie, chairman of the committee, said: "In the next few days we will be inviting the five sculptors to come up with a concept.

"We felt we needed something that would reflect Marlow's civic pride in Sir Steve, something tangible and also something to provide inspiration and encouragement to others."

In past interviews, Sir Steve himself has shied away from the idea of a statue in the town.

The five times Olympic gold medal winner said at the end of last year: "I wouldn't say no to a statue but I find it difficult in some respects. If someone wants to build one it tends to be once you have moved on from this life. I would like to see something more community-based, something that the community can get benefit from."

Peter Hunt, a member of the appeal committee and chairman of Marlow Rowing Club, said: "We have Sir Steve's tacit agreement. I think he was not all that keen and he was more eager to see money spent on the town but there are some things you just can't avoid."

The group is now faced with raising funds for the project. They will be approaching local businesses and town's people to help raise the cash.

Mr McNearnie said: "There is going to be a great deal to organise between now and then. It is not just a sculpture but planning permission, a plinth, possibly railings, designs, unveiling and so on."