The statue was originally erected in 1886, 21 years after Richard Cobden's death.
A council spokesman said: "The statue will be relocated to a more central, prominent, focal part of the square, as part of the overall upgrading of the area.
"There are two main reasons why the statue is being relocated. Firstly the statue is poorly located with regard to the square generally, and lacks the prominence it deserves.
"Secondly, there are improvements planned to the highway network to improve pedestrian access into the square, which require the relocation of the statue."
He added: "It is too early to say at this stage when the statue will be relocated as this is subject to planning approval."
Cobden was a political figure of national importance, as well as serving as MP for Stockport from 1841 to 1847.
He was a prominent advocate of free trade and a leader of the Anti-Corn Law League, whose campaign received widespread support among local mill-owners.
[For the full story in the Stockport Express, click the image.]