The bronze statue will depict the moment the fictional wizard first took flight on his Nimbus 2000 broom over the Hogwarts quidditch pitch in the first instalment, Harry Potter And The Philosopher’s Stone.
It will feature on the square’s north terrace, close to where the film had its world premiere in November 2001.
Eight statues from the past 100 years, including Laurel and Hardy, Mary Poppins and Mr Bean, were erected in late February as part of a “statue trail”.
The project, titled Scenes in the Square, was delivered by the Heart of London Business Alliance, Westminster City Council and various film studios.
The council has granted permission for the statues to remain in Leicester Square until at least July 2023.
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Mark Williams, director of destination marketing at Heart of London Business Alliance, said: “I’m thrilled to be welcoming such an icon of British cinema to Leicester Square’s Scenes in the Square trail.
“Harry Potter is undoubtedly one of the world’s most popular fictional characters, and it is fantastic to celebrate that here in Leicester Square where the very first film premiered almost 20 years ago.
“We can’t wait for Harry Potter fans from the UK and around the world to be able to visit this historic new statue, re-experience the movies and share their selfies for many years to come.”
Josh Berger, president of Harry Potter global franchise development at Warner Bros, said: “Statues in this impressive installation represent some of the most iconic characters and actors in movie history, and we are delighted to see Harry Potter soaring across the square.
“The Harry Potter series has delighted fans of all ages for decades and we hope that this will continue to bring people joy.”
Leicester Square was first home to a cinema in 1930, with the first premiere taking place there in 1937.
Since then, it has cemented its place in British cinema history and regularly plays host to some of the most high-profile events in the UK’s film calendar.
Also represented in the square are Looney Tunes’ Bugs Bunny, Wonder Woman, Batman and Paddington.
The Harry Potter statue will be unveiled in Leicester Square at the end of September.