Melbourne Storm legends Cameron Smith and Billy Slater will be immortalised as statues outside the Storm's home ground AAMI Park.

Victorian minister for sport John Eren made the announcement at as the Storm players returned home from Sydney after their 21-6 loss to the Roosters in Sunday's Grand Final.

"Just to make sure they are immortal forever and a day, the state government along with the NRL and Melbourne Storm will invest in statues for Billy Slater and Cameron Smith (at AAMI Park)," Eren said.

Slater officially retired after 319 games for the Storm, winning two premierships while Smith has not yet committed for season 2019, despite confirming his intent to play on next season.

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