"I have named the sculpture Innocent Victims, because for eight years I have fought to prove that my son and Princess Diana were murdered", Fayed said in 2005.
Harrods has announced plans to remove Princess Diana And Dodi El-Fayed's tribute statue just over 20 years after their deaths.
It remained there after he sold Harrods to the investment arm of Qatar's sovereign wealth fund in 2010.
British media, including The Times and the BBC, reported Saturday that the bronze statue will be returned to Dodi's father, Mohamed Al Fayed, the Egyptian tycoon who previously owned Harrods.
The bronze sculpture of the couple, who died in a vehicle crash in Paris two decades ago, has been on display at the west London department store since 2005. Now its owners have made a decision to return the memorial to Mr Al Fayed.More news: Tractor Supply Co (NASDAQ:TSCO) Institutional Investor Sentiment Is 1.03
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The iconic Knightsbridge department store, long a symbol of great opulence and extravagance, had enjoyed unrivalled financial success but since 2000 had lacked the one thing to which ambitious retailers aspire: a royal warrant.
Mr Al Fayed said he wanted to keep the pair's "spirit alive" through the statue.
With its removal, the Qatari royal family are hoping that Harrods can once again become a preferred shopping venue for the royals, according sources cited by The Telegraph.
But the store's managing director, Michael Ward, said it was now time to return it, noting that Diana's sons Princes William and Harry were commissioning their own statue to their mother at Kensington Palace.
A spokesman for the Al Fayed family told The Times newspaper it was "grateful" to Qatar Holdings for preserving the memorial of the couple, adding: "It is now time to bring them home".