The statue, created by sculptor Joanne Sullivan-Gessler in Auckland, consisted of 850kg of bronze and 200kg of stainless steel framework.
The bronze statue is the only one of Phar Lap in full flight. There is a statue of him at Flemington racecourse, the home of the Melbourne Cup, which he won in 1930.
New Zealand's most successful jockey, Lance O'Sullivan, Timaru Mayor Janie Annear, Australian ambassador Paul O'Sullivan and breeding industry representative Sir Patrick Hogan would attend the unveiling, along with Eddie Telford, the 88-year-old nephew of Phar Lap's trainer Harry Telford.
Two days of celebrations would include a Phar Lap race day on Thursday, commemorative dinner and a dedication ceremony.
Phar Lap was born at Seadown, near Timaru, on October 4, 1926, and strode into racing history in the late 1920s and early 1930s.
In his short life of six years Phar Lap became a household name in the racing world. He started in 51 races and won 37, including the Melbourne Cup.
When Phar Lap died in the United States, his skeleton was returned to New Zealand, where it now stood in Te Papa in Wellington.
His hide was at Museum of Victoria in Melbourne and his huge heart at the Australian National Museum in Canberra.
