Mr Edwards will be working with residents across all age groups to shape the theme and concept of the work.
While no location for the final piece has been announced, the artist will set up in the town’s former Post Office building when it reopens next year as an art hub.
Visitors will be able to learn more about his creative processes and the making of the sculpture.
It will then be cast in his Halesworth foundry, jointly funded by the artist, his patrons and the council.
Caroline Topping, leader of the council, said the work would “inspire residents and visitors alike”.