The statue had become a rallying point for Paterno supporters before its removal in 2012, just months after the Hall of Fame coach's death.
It was placed in storage by the former university administration because it was seen as an obstacle to healing after the Jerry Sandusky child sex abuse scandal.
Sen. Jake Corman thinks it should be put back up. An agreement Friday with the NCAA restores 112 wins to the football team and Paterno's status as winningest coach in major college football.
University President Eric Barron says ''there will be a time and place'' to decide what to do about the 7-foot bronze statue.