The bronze bust is the work of Dublin-based sculptor Elizabeth O’Kane who grew up in Northern Ireland.
Weighing 50 kilos, the piece will stand in a prominent position in the Strasbourg parliament.
It is scheduled to be unveiled at a ceremony next month with Taoiseach Micheál Martin and high-level European representatives invited to attend.
The bust is one of four cast by Elizabeth O’Kane, two of which have already been installed in the Irish embassies in Washington DC and London.
It is understood the final one is to be erected at the Department of Foreign Affairs in Dublin.
Euro Parliament president Roberta Metsola said: “John Hume believed that difference should never be the source of hatred and conflict. He brought the conversation about brokering peace in Northern Ireland to Strasbourg, drawing from lessons learned from French and German reconciliation.
“At the European Parliament, of which he was a member for 25 years, we celebrate his legacy of peace. His strong voice in defending European values and democracy is one we remember particularly with the return of war on our continent.”
Mr Hume, who was awarded the Nobel Peace Prize in 1998, passed away in August 2020 following a long illness.