The nine-and-a-half-foot bronze sculpture will stand at the south-west corner of the stadium.
It will be unveiled before the Premier League clash with Manchester City on Sunday, May 6 with Sir Bobby's widow, Lady Elsie, and her family in attendance.
The statue, sculpted by Tom Maley, has been commissioned by the club to celebrate the former England manager's five-year reign, which saw the Magpies finish fourth, third and fifth in successive seasons and reach the second group stage of the Champions League and the semi-finals of the UEFA Cup.
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."
Lady Elsie will be joined by members of her husband's squad and staff, current boss Alan Pardew and his coaching team and representatives from the Sir Bobby Robson Foundation, the charity he founded to raise money to fund cancer research.
Lady Elsie said: "It's very fitting that there will be a tribute to Bob outside Newcastle United's ground. This is where his love of football began. As a boy, he would come here with his dad and he likely queued to get into the ground where the statue will be sited.
"My husband's career took him all over the world, but he was always a Newcastle fan at heart. He loved this club and was very proud to be its manager.
"I think the statue design is wonderful and I'm very grateful to Newcastle United for funding it."