The Lower East Side is finally losing its giant erection — and cops want to speak to the artist, sources told The Post on Wednesday.

The massive mural of a turgid male member that sprung up on the side of 303 Broome Street on Christmas Eve is being covered over by painters who say they were hired by building owner Samy Mahfar.

Swedish artist Carolina Falkholt erected the eye-popping image Christmas Eve, causing more than a few raised eyebrows.

Police sources said that cops have opened a criminal probe — and would like to interview the artist.

“No arrest yet, but the charge would be criminal mischief felony,” a high ranking police source said.

A rep for Mahfar said neither he nor his company SMA Equities was aware of it.

“Somebody probably on the street — there’s artists on the Lower East Side that keep drawing on the walls. I’m gonna have somebody look into it,” said a woman who answered a cell phone associated with Mahfar but declined to give her name.

Falkholt has said the painting is “about not being ashamed of your body and who you are as a sexual being,” according to WNBC-TV.

“Talking about these subjects in public space is a must for a healthy, nonviolent community/world,” a statement provided to the station reads. “And the dialogue created around feminist public art pieces raises awareness.”

“Art is one of the only places left where we can truly be free and discuss whatever difficult topics there are, since art has the ability to translate and transform language in any direction possible,” she said.

But neighbors say the display was too vulgar for area kids.

Painters from Brooklyn contractor Jerrick Associates, who said they were hired by the building owner, laid down the first strokes of gray cover-up paint at 3:43 p.m.

Falkholt did not respond to a request for comment.