The bronze bust is the work of Dublin sculptor Elizabeth O’Kane who grew up in Northern Ireland.
Weighing 50 kilos, the piece will occupy a place of choice in the Parliament of Strasbourg.
It is expected to be unveiled at a ceremony next month with Taoiseach Micheál Martin and high-level European officials invited to attend.
The bust is one of four casts of Elizabeth O’Kane, two of which have already been installed in the Irish embassies in Washington DC and London.
It is understood that the last is to be erected at the Foreign Office in Dublin.
European Parliament President Roberta Metsola said: “John Hume believed that difference should never be the source of hatred and conflict. He brought to Strasbourg the conversation on the negotiation of peace in Northern Ireland, drawing on the lessons learned from the French and German reconciliation.
“In the European Parliament, of which he was a member for 25 years, we celebrate his legacy of peace. His strong voice in defense of European values and democracy is one we particularly remember with the return of war to our continent.
Mr Hume, who was awarded the Nobel Peace Prize in 1998, died in August 2020 after a long illness.