The club has raised over £16,000 towards the statue through a crowdfunder so far as well as over £135,000 through donors.
George Curtis and John Sillett famously guided the Sky Blues to safety in 1986 followed by FA Cup glory the following year.
The duo also played for the club in the 1950s and 1960s.
The bid was launched earlier this month by former Coventry City chairman Joe Elliott.
He said: “Having their name on the statue will be something very special for fans to look back at over the years.
“Lots of people are contributing in so many ways already to making this Statue a reality and giving George and John the tribute they so richly deserve.
“To give £500 to make this happen would be a tremendous contribution, but at the same time, all donations play their part.
“The 1987 Cup triumph was built on a team philosophy, and so will this statue becoming a reality.”
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