The famous bicycle mural at Stantonbury is to be taken down, tile by tile, and reassembled in a nearby underpass to Bradville.
The plan has been put forward by Aldi, who are seeking to redevelop the current site as a supermarket.
This week Stantonbury Councillor Alex Walker has called on MK Council to approve Aldi's scheme as soon as possible.
He says delays to the planning process are threatening the entire project and the crumbling site is rapidly becoming a haven for anti social behaviour.
Concerns were raised earlier in the year about what would happen to the famous Bicycle Mural that is part of the now empty Stantonbury shops.
Local residents and Cllr Walker launched a campaign to ensure Aldi would keep the mural in Stantonbury and not be moved elsewhere in MK.
Aldi agreed and after working closely with local stakeholders submitted a plan to keep the mural in the local area, recognising its importance to residents.
Cllr Walker said: "Aldi now plan to have tile experts take down the mule and reassemble it a few hundred meters away near the underpass to Bradville. It will have a new protective layer and be placed so people can still see and enjoy the iconic piece of MK's new town heritage."
He added: " I've always said the shopping area's regeneration project is vital for local residents. It will redevelop a derelict site that is becoming a haven for anti social behaviour and will create jobs for local people.
"We need to get this project over the line and I'd call on MK Council and heritage groups to acknowledge Aldi's plan to save the mural but also how vital the redevelopment plan is for Stantonbury. Let's get this to a place where it can receive approval."