Five years ago, funding for the project was dropped by Creative Scotland.
The 40 metre sculpture will mark the border between England and Scotland.
A new planning application will be presented to the Dumfries and Galloway council to obtain planning permission for three-years, giving Gretna Landmark Trust enough time to secure funding.
Gretna Landmark Trust hope the sculpture will attract visitors and investment into the area.
The proposed design would be twice the size of 'Angel of the North' in Newcastle.
The idea of the star was brought by Sri Lankan-British artist Cecil Balmond OBE, to capture the powerful energy, scientific heritage and magnetic pull of Scotland and the Borderlands area.