A statue of Diana, Princess of Wales will be erected in the grounds of Kensington Palace at the request of her sons, The Duke of Cambridge and Prince Harry.
The Princes have convened a committee to commission and privately raise funds for the creation of the statue. This committee will advise on the selection of the sculptor and will work with Historic Royal Palaces on the statue's installation in the public gardens at Kensington Palace.
The Duke of Cambridge and Prince Harry said:
"It has been twenty years since our mother's death and the time is right to recognise her positive impact in the UK and around the world with a permanent statue.
"Our mother touched so many lives. We hope the statue will help all those who visit Kensington Palace to reflect on her life and her legacy."
While the sculpting of the statue will begin soon, it is not currently possible to advise when it will be unveiled. It is hoped that this will occur before the end of 2017.
Further announcements on the statue's sculptor and design will be made in due course.