Coleman's statue, to be unveiled next Wednesday, will join those of other AFL figures Ron Barassi, Haydn Bunton snr, Dick Reynolds and Norm Smith among the 13 Australian sporting greats to have been honoured outside the MCG.
Several of those are located in the concourse surrounding the ground, but the Coleman statue will join that of Smith and Australian cricket great Neil Harvey in the Avenue of Legends, which when finished will extend from the MCC members entrance through to Wellington Parade.
Coleman played just 98 games for the Bombers between 1949 and 1954, when his career was ended by a knee injury. But he kicked 537 goals in that time, was his club's leading goalkicker in each of the six years he played and he led the VFL goals tally on four occasions.
Since 1956, the AFL's leading goalkicker for the home and away season has been awarded the Coleman Medal.
Coleman also coached Essendon to the 1962 and 1965 premierships. He died of a heart attack in April 1973, aged just 44.
"His playing record in a relatively short career is remarkable, while his contribution as a coach cannot be overlooked," MCC president Paul Sheahan said in announcing the honour.
Sculptor Lis Johnson was commissioned to create the statue.
