The authority said its aim was to have the sculpture rebuilt and reinstated close to where it was originally on display.
“Our teams have been working very hard over the last couple of years to ensure this can happen,” said council leader Jane Ashworth.
“We have worked closely with a local company which specialises in heritage construction, as well as Vincent Woropay’s family, to ensure it can be reconstructed to a high standard and displayed in a prominent place which highlights the significant contribution Wedgwood made to our city’s ceramics industry.
“Wedgwood built and lived in Etruria Hall, so it is only right that we mark his legacy and return Capo to Festival Park – and it makes it extra special that this is going to happen in our centenary year.”
The sculpture would be unveiled in its new location later this year, subject to planning approval and negotiations with the land owner, the council said.