The statue was donated to the city of Liverpool by the late singer's sons.
Gary Barlow has confirmed plans to develop a Take That musical.
The singer told The Sun that he thinks the group's story would translate well on stage.
"We've got 25 years of music, so the hard bit is done. I'd look to put it on a stage in the next five years."
An unofficial Take That musical - Never Forget - was launched in 2007, but did not have the backing of Barlow or any other members of the group.
It was recently reported that Barlow will provide the score for a musical adaptation of Calendar Girls.
Would you go and see a Take That musical?
Watch Take That’s music video for Rule The World below: