Sculptures of Vincent Kompany and David Silva will be installed outside Manchester City's Etihad stadium ahead of this weekend’s Premier League game against Arsenal, the club said.
A third statue – of Sergio Aguero – is set to join them next year with the three players recognised for their "unparalleled contribution to the club’s transformation".
Kompany left the Premier League side in 2019, having won the Premier League title four times, along with two FA Cups and four EFL Cups.
While Silva, who made 436 appearances for City, was widely regarded as one of the club’s greatest-ever players.
The club said the statues have been made by award-winning sculptor Andy Scott, who was only able to meet Kompany and Silva virtually due to the pandemic.
Khaldoon Al Mubarak, the club’s chairman, said: "Ultimately, Vincent and David do not need statues to enshrine their achievements at Manchester City over the past decade.
"They are already revered as icons of their generation.
"But what these artworks give us, and generations to come, is the opportunity to be reminded of, and savour, the truly magical moments created by both men."