"Huge honour. Can't wait to come there and stare down my wax figure. Thank you," Varun tweeted on Monday.
Varun, who made his acting debut in the 2012 romantic comedy "Student of the Year", has also starred in "Humpty Sharma Ki Dulhania", "ABCD 2", "Main Tera Hero", "Badrinath Ki Dulhania" and most recently in "Judwaa 2".
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An excited Varun also tweeted this picture collage along with the caption, "#madametussauds coming soon"
He was invited by Prime Minister Narendra Modi to be part of the Swachh Bharat Mission.
"It was a great experience to work with Madame Tussauds. I am so excited to get my wax figure in Hong Kong," the actor said in a statement on Madame Tussauds' official website.
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A group of skilled Madame Tussauds sculpting team specially travelled to Mumbai to meet Varun and conduct a detailed sitting process. More than 200 measurements were taken, the team also matched the hair and eye colour of the actor. Varun also worked closely with the team and kept sharing his ideas on the pose of the figure.
Jenny You, General Manager of Madame Tussauds, Hong Kong, said: "Varun Dhawan is one of the most requested figures and we are delighted to be partnering with this Bollywood great actor. Hong Kong is a multicultural metropolis which makes us a unique brand.
"Visitors can meet both Hollywood, Asian and also Bollywood stars here at Madame Tussauds Hong Kong. The worldwide popularity of Bollywood films makes people in Hong Kong increasingly embrace Bollywood culture.
"Besides, India is the fourth largest ethnic group in Hong Kong. As the first youngest Indian Bollywood actor to be waxed, we are confident that Varun's figure will bring visitors an all-new experience."