Norwegian artist Linda Bakke this week signed the final deal with the art fund of the local Hedmark Sparbank, while the Norwegian Public Roads Association has agreed to make land available on the Riksvei 3 road.
"It is three years since the idea of 'the big elk' occurred," Bakke told NRK. "So I'm very pleased that it is now agreed."
The elk, which will be 12-metres long, will gaze out over the road from a picnic spot in Stor-Elvdal, roughly half-way to Trondheim, welcoming visitors on their way north.
It will be made out of polished steel, and is expected to be in place in the second half of the year.
The sculpture is clearly inspired by the success of The Angel of the North, a towering winged figure by British artist Antony Gormley, which was erected in 1994 on the UK's A1 road near the city of Gateshead, and has become a symbol of the region.