"She is a powerful symbol of the need for change at the highest levels of corporate America-and she will become a durable part of our city's civic life", de Blasio said.
"The Bull will nearly certainly be moved - and will very likely wind up reunited with Fearless Girl", Phillips tweeted on Thursday.
She told CNNMoney: "Fearless Girl [will] continue to inspire the global community regarding gender collaboration in every aspect of life".
In a letter sent in April 2017 to de Blasio's office on Di Modica's behalf, attorneys from Siegel Teitelbaum & Evans and McLaughlin & Stern likened the placement of Fearless Girl to a marketing gimmick and that it would behoove the city and State Street to move the newer statute and pay damages to Di Modica.
"This move to a new location will improve access for visitors and ensure that her message and impact continues to be heard", he said.
The scene around "Fearless Girl" on Lower Broadway in New York City.
The statute is now located at the narrow northern tip of Bowling Green park, with barely any buffer separating visitors from the traffic on Broadway.
When she was first installed, they reached out to over 700 companies in the USA, the United Kingdom and Australia that were completely void of women on their boards.
'I think Fearless Girl stands on her own, ' he said.
"I'd love it if she could stare down the Charging Bull for the rest of time; but even if she can't, I'm glad she will stay in the neighborhood and remind those who pass by the Stock Exchange that it's past time for companies to put more women in boardrooms and in charge", Manhattan Borough President Gale Brewer said.
"The Fearless Girl statue has served as a rallying point for many New Yorkers and people from around the world concerned about gender equity", State Senator Brian Kavanagh said.
The planned move, which officials said was prompted in part by traffic safety concerns, will place "Fearless Girl" in a pedestrian-only area at the corner of Wall and Broad Streets, the site of George Washington's inauguration in 1789 as the country's first president, where it will face the NYSE.
But in addition to selfie-taking tourists, Fearless Girl also drew the ire of Charging Bull sculptor Arturo Di Modica, who said the new statue-which appears to be staring down the bull-altered the dynamic and the symbolism of his work, and thus violates his rights under copyright law and the Visual Artists Rights Act.