The "Man of Steel" sculpture – which would be 50 per cent taller than the Angel of the North in Gateshead – depicts a man sitting on a plinth and was designed by artist and former steelworker Steve Mehdi as a tribute to the region's steel making industry.
The sculpture is intended to be located on a landfill site – owned by waste management company FCC Environment at Kimberworth.
The planning application was submitted by Axis Architects, while the civil engineers for the scheme are Mott MacDonald.
The £2.7 million cost of the project are expected to be met by private companies as well as funding bodies such as good causes distributor the Big Lottery Fund and the Arts Council, according to the Man of Steel website.
A Rotherham Council spokesman said: "We believe that the concept of a striking piece of contemporary public art sat on the gateway between Rotherham and Sheffield, which pays respect to the great industries of coal and steel, will act as a real landmark for the city region. The fact that the man will be made using local materials and manufacturing processes is particularly important."