The 30-year-old actor is the youngest Indian to have made the list and said getting his own wax idol is one of the coolest things he has done.
Varun took to Instagram to make the announcement.
"#MADAMETUSSAUDS coming soon. This is probably one of the coolest things that I have done. Getting my own statue is something I didn't expect this early on in life.
"Thank you Madame Tussauds for making me the youngest Indian to make it to your elite list. #dontstopbelieiving," the "Badrinath Ki Dulhania" star wrote, alongside a picture which shows him giving his measurements for the statue.
Next year, Varun will join other stars such as Amitabh Bachchan, Shah Rukh Khan, Aishwarya Rai Bachchan, Kareena Kapoor and Hrithik Roshan in the Bollywood Superstar Collection.
Madame Tussauds Hong Kong also features wax figures of world leaders such PM Narendra Modi, Mahatma Gandhi, among others.
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