Princess Diana to receive a statue at Kensington Palace 20 years after her death

A statue of Princess Diana has been commissioned in her honor.

Kensington Palace announced on Saturday that Diana's sons, Prince William and Prince Harry, have "convened a committee to privately raise funds for the creation of the statue," which will be installed in the public gardens at Kensington Palace.

WATCH: Prince Harry On the Years of 'Buried Emotion' After His Mom's Death: 'I Just Didn't Want to Think About It'

"It has been 20 years since our mother's death and the time is right to recognise her positive impact in the UK and around the world with a permanent statue," the Princes said in a statement.

"Our mother touched so many lives," the statement continued. "We hope the statue will help all those who visit Kensington Palace to reflect on her life and legacy."

WATCH: How Prince William and Harry Continue to Honor Princess Diana's Legacy 19 Years After Her Death

According to the press release, a sculptor has yet to be chosen, but the palace hopes that the statue will be unveiled before the end of 2017.

Diana's sons have definitely kept their mother in their thoughts. During a visit with The Running Charity in London on Thursday, Prince Harry sweetly stopped to admire a photo of his late mother.

PHOTOS: Princess Diana through the years