Quintanilla, who died in 1995 aged 23, will be honored with the wax figure in Hollywood, in response to an online petition, reported E! online.
The museum announced that the unveiling will take place on August 30, close to the 21st anniversary of the singer's fifth and final album, "Dreaming of You."
"At Madame Tussauds, our figures represent icons who have made a significant impact on our culture. That perfectly describes Selena. Her influence has transcended generations and her passionate fans continue to be inspired by her to this day.
The figure, valued at approximately USD 350,000, will be dressed in a recreated stage look from at Selena's 1993 concert held at the Memorial Coliseum in Corpus Christi.
"On behalf of our family we would like to express a huge amount of gratitude to Madame Tussauds in creating such an amazing lifelike wax figure of our beloved Selena.
"This is yet another step in making sure that her legacy lives on and that her fans new and old can appreciate her as a person, an artist and one whom we can all identify with," singer's sister Suzette Arriaga said.
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