The 10 metre high metal bull, which is made from machinery from local factories, was given a police escort from Alexander Stadium to its new home in Centenary Square on Friday.
Social media has been full of tourists and local residents taking snaps of the bull since its unveiling.
The bull will remain in Centenary Square for the remainder of the Games, which finish on Monday, August 8.
Leader of Birmingham Council, Councillor Ian Ward, confirmed the council was already in talks to make the bull a permanent feature.
He said: "The opening ceremony bull is now pride of place in Centenary Square, and it’s already proving incredibly popular.
"The council is in discussion with partners to see what is possible for the future."
The huge, armoured bull was a central part of the opening ceremony, being pulled on stage by 50 women representing the Cradley Heath female chain-makers of the Industrial Revolution who made chains used in the slave trade.
The segment featured the women breaking free from their chains to symbolise release from oppression. The ceremony’s protagonist, 'Stella', then offered friendship to the bull to highlight our ability for compassion and togetherness.
The bull weighs 2.5 tonnes and can emit smoke and cry tears of blood. It was designed, built, and mechanised by a team of over 50 people from a UK-based special effects company.
The bull's head also had the names of the 21 victims of the 1974 Birmingham pub bombings etched into the metal.
A petition has already been launched to keep the bull in Birmingham, with various ideas being put forward for a permanent home including the Curzon Street HS2 station or Birmingham Airport.