He famously scored a hat-trick in the 1953 "Stanley Matthews" FA Cup final win over Bolton Wanderers - the only person ever to net three times in the most famous domestic Cup final in the world.
The statue will be unveiled by his widow Jean and former England captain and BBC summariser Jimmy Armfield. It is placed outside the north stand at Bloomfield Road.
Mortensen's widow Jean said: "I am delighted that the moment has arrived.
"People have been talking for years about something like this and now the town has delivered and I feel quite emotional."
Statue organiser Chris Hull said: "Stan was a truly great man in football and also humanitarian terms.
"His legacy in Blackpool transcends just football as he became an inspirational figure in the local community.
"The life-size statue was made by local artist Peter Hodgkinson and shows 'Morty' in typical pose - firing another spectacular goal. "