The bust of Pippen, who works as an ambassador for his former team, will be permanently displayed on the 100-level concourse of the United Center.
"Not only is Scottie Pippen one of the greatest players to ever wear a Bulls uniform, but he's among the best players in the history of the league to play the game," Bulls chairman Jerry Reinsdorf said in a statement. "He had a tremendous impact in bringing six world championships to Chicago and there is no better way to pay tribute to him than with a permanent bust that honors his inspirational career."
Pippen was elected to the Hall of Fame on Aug. 13. He won six NBA titles with the Bulls, was named one of the 50 greatest NBA players and made seven All-Star teams.
"Words really can't express my feelings," Pippen said in a statement. "It's an unbelievable honor and truly amazing. It's something you dream of as a kid growing up, but you can never foresee those childhood fantasies becoming reality. You see statues of individuals who have done great things and made their mark on history, but as a basketball player, you never really think about arriving at this point. It's an amazing honor for the Chicago Bulls to do this for me."
The bust was crafted by Omri and Julie Rotblatt-Amrany of Highland Park, Ill., who also sculpted the famous Michael Jordan statue which was unveiled in January 1994.