Arizona announced today plans for a statue honoring former basketball coach Lute Olson to be placed at pavilion outside the north end of McKale Center.

The project is estimated to cost $300,000 and be completed by March.

"Through the success of Arizona basketball, Lute helped introduce people around the country to our University and this city, and he forever changed the trajectory and perception of our athletics department," UA athletic director Dave Heeke said in a statement. "His legendary status is worthy of this honor, and we're proud that his statue will be visible to the thousands of people that visit McKale on a yearly basis."

Olson called it a "wonderful honor" in UA's news release. 

"I'm grateful to the people at Arizona who made the decision to put up a statue," Olson said. "I was fortunate to have a successful career that spanned a number of different locations, but Tucson and the University of Arizona have become my home.

"I'm deeply touched at this recognition and I want to thank all of the staff members, student-athletes and fans, who made, and continue to make, my life at Arizona something special."

To help in financing the project, former Wildcat Steve Kerr has agreed to donate proceeds from Arizona replica jerseys and T-shirts. UA said the bulk of the cost will be paid for with private donations.