I read a few years back that the the statue will remain at Legion Field as long as Legion Field, well, is. After they tear down the Old Gray Lady, the statue will then be brought to Tuscaloosa.
I have not hear even speculation as to where in Tuscaloosa the statue will end up. But considering that there is already a statue of him in front of the Stadium that bears his name, LBS thinks that the odds on favorite would be the Museum that bears his name...you know, the one located on the Road that bears his name.