It was decided in a Borough Council cabinet meeting on Wednesday evening.
The lilypad fountain in Nuneaton will be removed after councillors voted on its future yesterday (Wednesday 27th July).
The fountain is in the centre of the town and links together Queens Road, Market Place and Coventry Street.
It will cost the council £40,000 to remove the fountain.
The Leader of Nuneaton and Bedworth Borough Council, Cllr Kris Wilson, said: “We are looking at ideas to open up that part of the town centre to create a flexible piazza-type open space, with a flexible arrangement so that we can put on entertainment in a proper town square environment. In addition, this will also bring forward more space for additional stalls in our fantastic market.
“The fountain has rather had its day, so we are exploring how we might be able to improve one of the key pedestrian gateways to the town centre to help it become an attractive and flexible area with new seating and lighting.”
The fountain has caused problems for the town as washing up liquid has been poured into the sculpture in the past.
Listen here to what people at the fountain thought about it being dismantled.