The bird of prey, constructed from 17,000 IKEA allen keys, set up nest beside the entrance in September as part of efforts to promote the flat-pack giant's new store near Meadowhall.
It is set to move across the city to take pride of place outside the University of Sheffield's Diamond building on Leavy Greave Road, in the city centre.
The location was chosen as it is close to the peregrine falcon nesting site at St George's Church, whose occupants' movements are streamed live online by the university, aiding research into the magnificent birds' behaviour.
The sculpture, known as Allen the Peregrine, was created by West Yorkshire artist Jason Heppenstall.
Sheffield Council approved the university's application to shift the artwork last Friday, and the move is expected to take place this spring.