The monument has becoming a lightning rod since the release of an investigative report claiming the Hall of Fame football coach concealed child sex abuse allegations against Jerry Sandusky more than a decade ago.
A decision from President Rodney Erickson is expected next week.
The statue, nearly 7 feet tall and weighing more than 900 pounds, was erected in 2001 in honor of Paterno's record-setting 324th Division 1 coaching victory and his "contributions to the university."
