The Paris museum told AFP the new Asian venue would open its doors in South Korea's capital on July 11.
Another Grevin museum will also open on Charlie Chaplin's property in Switzerland early next year, after starting subsidiaries in Montreal and Prague in the past couple of years.
As well as Psy, the Paris Grevin museum will present eight wax effigies of famous South Koreans next week, including singers G Dragon and Jo Sumi, and actor-singer Ahn Jae-wook and actors Jang Dong-gun, Jeon Do-yeon and Ko So-young.
The figures will then be taken to Seoul in June, ahead of the opening of the 3,500-square-metre (37,700-square-foot) museum, which will feature the likenesses of 90 Asian and international celebrities and royals.
The Seoul museum will be jointly run by Grevin's holding company and Mast Entertainment, a South Korean entertainment and media group.