The statue will be installed at the UTV STAR's property Walk of the Stars in Bandra Bandstand Promenade Feb 15.
"Yashji was a dreamer. He was a man who didn't just make romantic movies or romanced cinema, he romanced life, with love as the most important ingredient," said Pamela.
"Yashji understood the ever evolving nature of love, and brought alive its multiple facets on the silver screen during his career spanning over 60 years. Yash Chopra has been, is and shall always be the King of Romance in my life and in the lives of his fans," she added.
Yash Chopra directed 22 films in his lifetime, including iconic titles like "Deewar", "Kabhi Kabhie", "Trishul", "Lamhe", "Chandni", "Veer-Zaara" and "Dil To Pagal Hai". His swan song was "Jab Tak Hai Jaan" that relased after his death.
He died Oct 21 last year. He was 80.
Walk of the Stars was launched early last year with the felicitation of the Kapoor family -- tiles bearing the respective handprints of Prithviraj Kapoor, Raj Kapoor, Shashi Kapoor, Rishi Kapoor, Neetu Kapoor, Karisma Kapoor and Kareena Kapoor were installed. Brass statues of Raj Kapoor and Shammi Kapoor were also installed.
Dev Anand's statue was also installed at the walk on his first death anniversary.