The jumbo jet will also be used as a conference venue, museum and tourist attraction when on display at Cotswold Airport near Kemble next spring.
A percentage of the money raised from these events will be donated to charities and a scholarship program run by Cotswold Airport.
The Boeing 747 G-CIVB first entered the British Airways (BA) fleet in February 1994 and made its last passenger flight on April 6 – during this time it has flown almost 60 million times.
The passenger plane is one of two Heathrow-based 747s used by BA which left on retirement flights earlier this month.
The carrier had originally planned to phase out the fleet by 2024, allowing the use of smaller fuel-efficient aircraft, but the the plans were bought forward Due to coronavirus pandemic.
Model G-CIVB is painted in the airline’s Negus livery, dating from the 1970s and 1980s – and it was one of four planes that underwent a heritage makeover during the centennial celebrations last year.
BA CEO Sean Doyle said: “It is with great sadness that we retired our last two 747s based at Heathrow earlier this month, so we are pleased that Cotswold Airport is able to donate to one of those planes a new home and a new breath of life.
“The 747 and the Negus livery are emblematic of BA’s past, and we hope locals and visitors alike enjoy seeing this slice of history for years to come. ”
Suzannah Harvey, General Manager of Cotswold Airport, said: “This is great news for locals and visitors alike who will be able to see and experience one of the most iconic passenger planes of its time.
“We are absolutely delighted to achieve this after his last flight from London Heathrow to Cotswold Airport on October 8th. “