Greater Hume Shire mayor Heather Wilton has floated the idea for Culcairn as a fresh way to honour Hoy who has long had an entry sign to the town detailing his Olympic success dating back to 1992.

"It's a great story and I think we can do better than the sign," Cr Wilton said, while acknowledging the board would be made more schmick with Hoy's silver and bronze medal from Tokyo added.

Cr Wilton said the statue of former politician Tim Fischer unveiled at Boree Creek in May had partly prompted her call which she has discussed with shire general manager Steve Pinnuck.

However, she said the views of those at Culcairn, which lies on the OIympic Highway, would be crucial in deciding whether to pursue the statue.

Long-time Culcairn football club secretary Trevor Smith and his wife Janice both gave their thumbs-up, describing it as a great and fantastic idea.

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Mr Smith equated it to Gundagai's most famous attraction.

"It would give us something for people to have a look at," he said.

"It's like the Dog on the Tuckerbox that people go to see, we could have Andrew on a horse."

Hoy is Australia's most capped Olympian, having been to eight out of the 10 Games held since debuting in Los Angeles in 1984.

At 62, he this week became Australia's oldest Olympic medal winner when he claimed silver and bronze in team and individual competition.

Hoy already had won three gold and a silver in the 1992, 1996 and 2000 Games.

If the statue did come to fruition it would not be the first in the region of a rider on a horse.

In 2010, Corryong unveiled a three-dimensional tribute to The Man from Snowy River with a horseman trying to rein in his mount during a descent.

At Tallangatta there is an ongoing fundraising campaign to erect a life-size monument to Sandy, the only Australian horse to return home after serving in Europe in World War I.

It is hoped the statue will be unveiled by May 2023, the centenary of Sandy's death in Melbourne at an army depot.