The new wax figure of Obama is expected to cost between $15,000 and $40,000 to produce, according to museum owner Rodney Fong.
Joining Barack Obama will be the winner of an online popularity contest, singer Justin Timberlake, who beat out Dale Earnhardt and Tupac Shakur to be one of hew wax figures in 2009.
The wax museum will also be adding figures of Queen Elizabeth II, Miley Cyrus, Mother Teresa, Prince William and Mariah Carey.
The museum, located at Fisherman's Wharf, was first opened by Rodney Fong's grandfather in 1963.
There are currently more than 200 figures and scenes on display in the wax museum.