UPDATE: Is the Honest Ed's sign saved?

The iconic Honest Ed's sign could get a second lease on life after all.

David Mirvish announced plans Wednesday to save a portion of the hulking orange sign that has hung over the intersection of Bathurst and Bloor since 1984 and move it to the Ed Mirvish Theatre, near the Eaton Centre.

Mirvish aims to hang a 30 x 60 ft portion of sign on the theatre's Victoria St facade.

Russell Lazar, Honest Ed's manager for 58 years is delighted by Mirvish's proposal.

"It's just a wonderful legacy to his father, the Mirvish family, to...all the staff at Honest Ed's. We just couldn't be more pleased."

Moving the sign four kilometres to a new location is a task Mirvish expects to cost six figures. A steel support structure will need to be added to the theatre while the 33-year-old sign is due for some TLC. It will need to be dismantled, taken to a warehouse big enough to accommodate it through re-finishing and sealing.

The plan needs the blessing of Toronto city hall to move ahead.

Toronto Mayor John seemed to welcome the proposal while speaking with reporters Wednesday.

"Some people may say that's a garish sign but it is part of our history. It's an important part of the history of this community and I'm glad to hear that it has been worked out."

Honest Ed's closed for good on December 31, 2016 after 68 years in business. The building is slated for demolition in May.

Is the sign worth saving?

The plan needs the blessing of Toronto city hall to move ahead.

Honest Ed's closed for good on December 31, 2016 after 68 years in business. The building is slated for demolition in May.