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Wood Green councillor Alan Strickland, who has been campaigning for the return of the mural, said the news was a 'wonderful surprise for the community'. It's unknown at this stage whether the mural will be returned to the area.
In the meantime, new artwork has appeared on the side of the Poundland store in Wood Green.
A Banksy mural at the centre of a controversial auction was withdrawn from sale at the 11th hour.
Slave Labour, which shows a young boy hunched over a sewing machine making Union Jack bunting, appeared on a wall in Wood Green, north London, last May, just before the Diamond Jubilee celebrations.
It disappeared from the side of the Poundland store last weekend and was due to be auctioned thousands of miles away in Miami last night, where it was expected to sell for up to £450,000.
But a spokesman for auction house Fine Art Auctions Miami (FAAM) confirmed that Slave Labour and Wet Dog, a second Banksy painting listed, had been withdrawn from sale. No reason was given.
A mural by the grafitti artist Banksy is due to be auctioned in Miami today.
The artwork was controversially removed from a wall in Wood Green, North London.The auctioneer has defended the sale saying he wouldn't be staging the half-a-million dollar auction if it was illegal.
A Miami auctioneer has defended the sale tomorrow of a mural by the grafitti artist Banksy, which was controversially removed from a wall in North London.
He says it belongs to the owner of the wall and he wouldn't be staging the half-a-million dollar sale if it was illegal.
As Ria Chatterjee reports, a new image has now taken the mural's place in Wood Green.
Auctioneer Frederic Thut, who will auction the 'Banksy' on Saturday (February 23) insists that the artwork was acquired legally from the owner of the wall - but that local laws prevent him from revealing their identity.
He has accused local people of assuming moral ownership of something that is not theirs.
The owner of the wall, on which the artwork was stenciled, remains a mystery to local people in Wood Green.
Retailer Poundland, which occupies the building, is only a leaseholder. They say they do not condone the removal of the painting.
Councillor Alan Strickland says that locals see it as an act of theft:
"The feeling in the community here very strongly is that this is piece of art given freely by Banksy to our community. It belongs to our community, and we've really enjoyed having it here.
"It seems quite wrong to take that out secretively and sell it at auction in Miami for half a million dollars. That seems completely counter to the spirit with which Banksy gave it to us," he said.
Fine Art Auctions Miami, the company that is set to sell the 'Banksy' artwork, is promoting the stencil as a highlight of tomorrow's auction.
They have put it on the front cover of the catalogue and on the home page of their website.
It is estimated that the work will fetch between $500,000 and $700,000.
An auctioneer in Miami preparing to sell a 'Bansky' street painting taken from a London wall says if anyone can prove the sale is illegal he'll take it off the market.
The 'Banksy' disappeared from a wall in Wood Green earlier this month, and is expected to fetch up to half a million dollars in the sale tomorrow.
Ria Chaterjee has our report:
Latest ITV News reports
Locals in Harringay have been protesting against the sale of a Banksy which was taken from the wall of Poundland in Wood Green.
It appears graffiti artist Banksy has had the final word after a piece of his artwork was ripped from a wall in a London street.