The announcement on Wednesday comes less than two weeks after Pippen's induction into the Hall of Fame. He calls it "an unbelievable honor."
The bronze statue will be sculpted by Omri and Julie Rotblatt-Amrany of Highland Park, Ill., who also crafted the famous Jordan statue erected outside the United Center in 1994. Pippen's will be displayed inside the arena.
Bulls chairman Jerry Reinsdorf says there's "no better way" to pay tribute to Pippen.