Clough and Taylor transformed Derby's fortunes after arriving from Hartlepool in July 1967. They lifted the Rams from the old Second Division to champions of England and European Cup semi-finalists.
Andy Edwards, who sculptured the Steve Bloomer bust recently unveiled at Pride Park, has been commissioned to work on the statue.
"A statue has been discussed and suggested for a while and it is lovely that it has come to fruition, but the most important thing from our point of view, the family, was that Peter Taylor was involved," said Nigel Clough, who has followed in his father's footsteps by becoming Derby manager.
"There has been a lot of individual tributes but my dad would be the first to say he would want to be sitting alongside Peter. It is important Peter is in there and it is a proud moment for his family too."
Meanwhile, highly-rated coach John Perkins has become the latest addition to Derby's new-look academy set-up.
Perkins has moved from midlands rivals Wolves to join the Rams' ranks alongside former County players Darren Wassall and Michael Forsyth, who were appointed earlier this week.
Clough knows Perkins from their days together at Nottingham Forest and insists his knowledge of youth football in the area is unrivalled.
"John is a top-class operator. It is a fantastic addition to the club and one we are delighted to have secured," said Clough.
"He brings with him vast experience and expertise but also a passion for the game and an enthusiasm for finding and developing talented young players. His knowledge of young players in the midlands is unrivalled."