He claimed that the proposal was approved by the party executive president Uddhav Thackeray and the process of completing various formalities has begun.
Dhanorkar said the temple would be spread on 5 acres of land complete with garden, a library, a community hall and photographs depicting political journey of the Shiv Sena supremo.
"The proposed structure is likely to cost around Rs. 2 crore and the required funds shall be generated with the help of Shiv Sena MLAs, MLCs and MPs and other political leaders," he said.
Shiv Sena is the ruling party at the civic body for the past 15 years.