The families of the four schoolboys commemorated by the statue stolen from Ray Mill Island are working with the Royal Borough and Altwood Church of England School to replace the memorial which was generously funded by local contributions.
Following discussions with family members and feedback from others, it has been agreed to put an identical bronze statue - using the original mould - in the same location. The original sculptor, Cookham's Eunice Goodman, has agreed to carry out the work.
Altwood School has launched a fundraising drive and the Royal Borough will underwrite the project. The new statue will hopefully be in place by late spring of next year.
The Mayor, Cllr Asghar Majeed - who is spearheading the campaign to spare the parents any further distress - said he was pleased the plan was progressing well.
He said: "Like so many Maidonians I really feel for the parents and other family members of these young lads and am outraged by the theft and destruction of the memorial.
"Together we have come up with a positive solution and I really look forward to seeing the memorial back in its rightful place."
A spokesman for the family members said: "All the families have been really touched by the comments, letters to the papers, Facebook messages and other support of so many people. The memorial meant so much to us and we are so glad that there will be an identical replacement returned to the island."
Kathleen Higgins, headteacher of Altwood, added: "Both the staff at Altwood and the pupils - some of who are related to the boys or know members of their families - have been deeply moved by this situation. They are keen to show their support by initiating and contributing to this fundraising drive."
The public are welcome to donate to the fund by cheque, made payable to 'Altwood School Fund' or by cash, both of which can be accepted via the school's reception. Cheques can also be posted to Altwood Church of England School, Altwood Road, Maidenhead, Berkshire, SL6 4PU. All donations should be marked 'Memorial Fund' on the envelope or back of the cheque. To maximise all donations a Gift Aid form can be completed - available at www.altwoodschool.co.uk
A special page is also being set up on www.rbwm.gov.uk and should be available next week.