The bronze statue was originally created to promote the musical We Will Rock You, which made use of Queen’s back catalogue. It stood outside the Dominion Theatre in London from 2002 until the end of the show’s West End run in 2014.
Taylor is now reportedly planning an extensive renovation of the garden of his Surrey property, and planning to make the statue its centrepiece.
According to The Sun Taylor is currently seeking planning permission for the works, which would also see the installation of a pool house, bar and jacuzzi.
He previously installed the statue in his rockery, but faced a subsequent dispute with planners.
“It was in a warehouse, costing money, so I said ‘why don’t they just put it on a lorry and bring it here, and we’ll put it in the garden?'” Taylor said.
“I also thought it would be very funny to have the statue there and I think Freddie would have found it hilarious.”
Guildford Borough Council is reportedly set to make a decision on the planning application next month.
Last week, meanwhile, Queen’s Brian May said that the band have been in the studio working on new music – although so far nothing good has come out of the sessions.
The band’s remaining original members, May and Taylor, have been performing live with singer Adam Lambert for over a decade, but have never recorded any new material with him.