Hundreds of fans have signed a petition in protest and a demonstration is planned on Sunday when Fulham host Blackpool.
But Blackpool boss Holloway said: 'I can't wait, because love or loathe him Jacko is one of those iconic figures.
'I know some fans are grumbling about the statue but I think it is terrific.'
Special guest: Jackson watches Fulham in 1999 alongside Al Fayed (left)
Holloway added: 'He was a very special bloke and one of a handful of people I am proud to have been on the planet at the same time as.
'The Beatles, Elvis, Muhammad Ali. they are the great figures of our age. David Beckham will be one day too. They are icons.
'I've got a model of Ali at home, back when he was Cassius Clay, in that famous pose over a prostrate Sonny Liston. It's one of my most treasured possessions and if I could get one of Jackson, I would. In fact, when we go to Fulham I'll take a little hacksaw, smuggle the statue on the team bus and take it home with me.
'Mind you, what if it does go missing now? They will be straight round to my house. It's not me, Mr Fayed. I won't nick it, honest!'
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