Newly-lodged plans would see the the £7m Star of Caledonia shrink to about 80% of its original proposed proportions.
The project hopes to attract about 100,000 visitors a year to Gretna in Dumfries-shire and generate £4m for the economy.
An application for a variation of planning permission said it would still provide a welcome to Scotland for drivers and rail users.
The sculpture was first mooted as a way of helping the area to recover following the foot-and-mouth outbreak of 2001.
It was intended to emulate the success of the Angel of the North at Gateshead and a competition was launched to decide how it should look.
Backing from South of Scotland Enterprise was announced last year which breathed new life into the scheme after it suffered early funding problems and a new application was submitted at the time to keep alive the planning process..
A funding package from renewable energy firm Community Windpower and the Borderlands Growth Deal should now see the project go ahead.
A bid for a non-material variation in its planning consent has been lodged for the scheme which was originally intended to be 40m (130ft) tall.
It is now being proposed to reduce it in size by 20% which it is said can be achieved while still meeting the "artistic aesthetic and visitor experience expectations".
The Gretna Landmark Trust also wants to construct a pathway to the structure in order to ensure the project meets disabled access legislation.