The stone lion will be moved to the corner of Canal Walk and Bridge Street
Work aimed at transforming Canal Walk in Swindon using £3.9m of Regional Development Agency cash is under way.
The plans include a water feature, lighting which changes colour with the weather, stone paving slabs and new benches.
The overall design will have a ribbon feature set into the paving running the length of the walk and inlaid with the history of the canal.
The project is scheduled to be complete by February next year.
Bill Cotton, Director of Economic Development at Swindon Borough Council, said: "It definitely needs a facelift round here.
"We're looking at new features which are going to reflect the history of the place."
The Jubilee Clock will be replaced by a new water feature, while the existing Golden Lion will be moved to the junction of Canal Walk and Bridge Street.