Planning officers at Dudley Council have given the thumbs up to the Russells Hall Rainbow proposal which will see the creation of the six metre long and three metre high piece.
As well as the main rainbow structure, which will be made up of glass hearts, there will be two clouds on the outside and a plaque featuring a quote from Captain Sir Tom Moore.
The aim is to pay a lasting tribute to all those Dudley borough people who worked hard during the pandemic as well as remember those who died as a result of the virus.
A fund-raising appeal for the monument was set up by the Dudley Group NHS Charity last year and raised more than £16,000 for the project.
They said: “We all owe more than words can say to those right on the front-line in the fight against this virus.
“We think this monument would be a fantastic way to publicly recognise the work of all key workers across Dudley and would be a lasting reminder to all.”
It will be placed on land between a pavement and the car park near to a pedestrian access into the hospital, close to the roundabout junction of High Street, Kingswinford Road and Pensnett Road.
A report by planning officers said: “The proposal seeks permission to build a stainless-steel rainbow sculpture inset with coloured glass with two outlaying cloud forms.
“The sculpture is to give public thanks to key workers in the medical and other sectors and to commemorate the lives of those lost and to celebrate the support link between the public and NHS during the Covid-19 Pandemic.
“It will incorporate an appropriate plaque and have laser cut words of Captain Sir Tom Moore.
“The location of the memorial would provide a prominent position within the local area as well as providing space for people to congregate at times of commemoration.
“The siting of the memorial close to the junction of High Street would provide a positive visual focal point to an otherwise flat featureless area of amenity grass enhancing the character of the area and increasing the use and purpose of the existing area of informal open space to the public benefit.”