The project's curator, Svetlana Larina, said that so far, fans have collected 300,000 rubles (around $9,300) out of the one million rubles ($31,000) needed to erect the monument.
Russian artist Maxim Popov has designed the statue, featuring a dancing Michael Jackson with his hand raised.
The statue will be cast in bronze. It was, however, not clear where exactly the monument will be placed.
Michael Jackson died at a Los Angeles hospital in 2010 after suffering a cardiac arrest and going into a coma.
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