The sculpture will be erected in the Tuscan municipality of Vagli di Sotto - population 1,000 - within a local attraction called the Park of Honour and Dishonour, Il Fatto Quotidiano reports.
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"Mr Puglia is hoping that it could increase the number of tourists venturing to Vagli di Sotto - although he tells The Local that he doubts President Trump himself will make the trip, "because of everything he has to do".
Mayor Mario Puglia says work is already under way on the marble figure, and that 100,000 euros ($105,000; ?85,000) has been offered by private donors in both Italy and America.
Image copyright Alamy Image caption Vagli di Sotto is already well known in Italy for what lies beneath its lake - a submerged village abandoned decades ago after the creation of a nearby damUS President Donald Trump has been in the job for less than three weeks but a small town in Italy has decided that he already merits a statue.
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