The Welsh Assembly Government and Cardiff council will join forces with the WRU to provide funding for the sculpture which is yet to be commissioned. 

The funding was personally approved by First Minister Rhodri Morgan, who has described him as “one of the outstanding Welshmen of the 20th century” and the project has been championed by Mr Gethin.

“Without a shadow of a doubt, he was the greatest president the WRU ever had,” said Mr Gethin.

“He never forgot his roots. To have counted him as a friend I count as one of the greatest honours of my life.”

An Assembly statement read: "Sir Tasker Watkins was universally acknowledged as one of the greatest ever Welshman; he was awarded the Victoria Cross by King George VI in 1945 following his outstanding bravery and leadership during the Second World War.

“He became the only Welshman to hold the post of Deputy Lord Chief Justice of England and Wales and was regarded as an illustrious president of the Welsh Rugby Union for 11 years.”

No decision has yet been taken about the location of the statue, but Mr Gethin said it will be in a “very prominent place”.