"I am really very touched that my fans have chosen me to appear in Madame Tussauds, and hope that the figure brings a lot of enjoyment to Bollywood followers the world over," Salman said.
The star of "Marigold" beat nine other Indian mega stars - including Madhuri Dixit, Hrithik Roshan, Lata Mangeshkar and Abhishek Bachchan - to make it to the world famous attraction after a public poll conducted last summer.
Salman's muscular statue, dressed in a black sleevless T-shirt and black denims, donated by the star, stands in a special Bollywood section alongside those of three other Mumbai greats - Amitabh Bachchan, Aishwarya Rai and Shah Rukh Khan.
Taking a light-hearted dig at his fellow-Mumbai stars, Salman said: "Very few Indians have the privilege and it feels good to be a part of it. We have Mahatma Gandhi, Indira Gandhi, Amitabh Bachchan, Aishwarya, Shah Rukh and I think I am the third most deserving in the museum."
Bollywood statues are important to efforts by the popular central London museum to attract more Asian visitors.
Nicky Hobbs of Madame Tussauds said: "We received over 10,000 votes in the poll from fans and visitors, and were thrilled that Salman Khan came out top.
"The Asian market is critical to our attraction and our association with Bollywood has seen a dramatic increase in the number of domestic and overseas Asians visiting and enjoying Madame Tussauds. We hope to build upon this exciting relationship with the unveiling of Salman."
The heartthrob met with Madame Tussauds sculptors in Mumbai late last year to be measured and photographed for the creation of his figure.
Salman, who has starred in over 55 films since his 1988 debut film "Biwi Ho To Aisi" made it to the central London attraction after beating off competition from Madhuri Dixit, Hrithik Roshan, Rani Mukerji, Karan Johar, Kajol, Lata Mangeshkar, Abhishek Bachchan, Priyanka Chopra and John Abraham.