The Riverside Press-Enterprise says the 26-foot-tall, 34,000-pound statue will be transported in April from California to Hamilton, N.J., where it will be part of an exhibit honoring its designer, Seward Johnson.
A going-away party, open to the public, is planned for March 27.
The statue of the "Some Like it Hot" star arrived in the desert resort city in 2012.
The sculpture depicts Monroe trying to push down her billowing skirt in her memorable scene in the "Seven Year Itch."
The "Forever Marilyn" statue, on loan from The Sculpture Foundation, was previously in Chicago.
Palm Springs officials say they hope to eventually lure Marilyn back.