Robson, who died in 2009 following a long battle with lung cancer, was in charge of the Magpies for five years between 1999 and 2004, leading them to the Champions League.
His domestic finishes of third, fourth and fifth as well as his quick wit also earned him legendary status on Tyneside, and he will now be honoured with a nine-and-a-half foot bronze sculpture in the south-west corner of the stadium.
Managing director Derek Llambias said: "We are delighted to be able to honour Sir Bobby Robson with this lasting tribute.
"He was a great man and ambassador for this football club and for the city.
"He achieved great success during his time as manager of Newcastle United and this statue is a fitting way for the club to remember him."
The statue will be unveiled for the first time ahead of Newcastle's game against Manchester City on May 6.