Twenty-five years on from his defiant response to the racist taunting of Collingwood fans, Nicky Winmar will have his iconic gesture imortalised with a bronze statue later this year.

The AFL has thrown its organisational and financial support behind the project, with the 1.5 x lifesize statue expected to cost more than $200,000.

A crowd funding campaign has been launched to raise funds to create a statue of the iconic moment.

Somewhat controversially, the statue will be placed at Perth's new Optus Stadium, despite lobbying to have it situated at either Victoria Park or Moorabbin.

The statue concept was first floated last year by advertising creatives and football fans Alex Wadelton and Aaron Tyler, who set up a crowd-funding web page for a statue at Victoria Park, the ground where Winmar – after an historic St Kilda win in 1993 – lifted his jumper and pointed to his skin, declaring: ''I'm black – and I'm proud to be black''.