The statue to be made of copper, lead, tin and zinc will be installed in the complex, courtesy the late matinee idol's daughter D Purandeswari.
In reply to a letter written by her, the Lok Sabha Secretariat has allowed installation of Rama Rao's statue in the Parliament House complex.
The nine-feet-tall statue has been sculpted according to specifications laid down by the Secretariat, sources said.
It is likely to be installed very soon.