The city's first monument to two Aboriginal men executed in 1842 will serve as a war memorial to Indigenous people's clashes with colonists, says an artist behind the winning design.

Brightly coloured newspaper vending boxes, a child's swing doubling as a gallows and an Indigenous garden are part of the piece, for which the City of Melbourne is paying $155,000.

The artists' impression of the winning design for the Melbourne monument to Tunnerminnerwait and Maulboyheenner, two Indigenous men executed in 1842.

Artist Brook Andrew says the monument, Standing by Tunnerminnerwait​ and Maulboyheenner​, will educate locals and visitors about forgotten colonial wars between Europeans and Aborigines.

The council will on Friday announce Mr Andrew and fellow artist Trent Walter as winners of a year-long design competition for a permanent marker at the corner of Franklin and Victoria streets.