The Brian Clough Statue Fund has beaten its £60,000 target.
Like Robin Hood's, Cloughie's statue will be in Nottingham
The popular manager was in charge of two European Cup winning sides at Nottingham Forest and led Derby County to a Division One championship.
He died of cancer in 2004 and the fund - for a statue in Nottingham city centre - was set up in 2005.
A total of £59,000 was raised, with contributions of £5,000 each from Nottingham City Council and Nottingham Forest bringing the amount to £69,000.
A joint cheque presentation will take place at half-time during Forest's Boxing Day game against Port Vale.
Paul Ellis, chairman of the statue fund, said: "The money completes the fund in style and ensures we will have the best possible statue.
"The additional cash will be used to meet any further costs such as installing the sculpture, lighting and a top quality plinth."
Nottingham City Council leader, Jon Collins, said: "The fund-raisers have done a tremendous job in raising so much money in just 18 months.
"The success of the fund has underlined just how loved and admired Brian Clough was and what a huge impact he had on Nottingham and Nottinghamshire."
Organisers are looking for a sculptor and said interested artists had already approached them.