The six-time Demons premiership coach will join Ron Barassi, Leigh Matthews, Dick Reynolds and Haydn Bunton in bronze outside the famous ground, the Melbourne Cricket Club announced on Tuesday night.
"In a time when the coach was considered to be an evangelist, [Smith] was an innovative and inventive strategist, manager, mentor and marketer, a forerunner of today’s multi-faceted coach," MCC vice president Stephen Spargo said.
Also featured in statues at the MCG are cricketers Sir Donald Bradman, Keith Miller, Bill Ponsford and Dennis Lillee and athletes Shirley Strickland and Betty Cuthbert, and a statue of Australia's all-time leading test wicket-taker Shane Warne is currently being made.
Smith is a legend in the Australian Football Hall of Fame.
He played 210 games for Melbourne from 1935-48 including premierships in 1939, 1940, 1941 and 1948, followed by 17 games for Fitzroy in 1949-50.
He then turned his hand to coaching, leading the Demons to premierships in 1955, 1956, 1957, 1959, 1960 and 1964 in a 15-year, 310 game stint at the helm.
The annual Norm Smith Medal for best on ground in the Grand Final is named in honour of the Demons great, who passed away in 1973.
