However, it looks as if all options are off the table, meaning the tower will be cut up into four pieces and sent to the scrap heap.
Despite the chuckles it brings, the council says it is a financial no-brainer to knock down the landmark as it would cost ratepayers $1.6 million in maintenance over the next four years, whereas demolishing it costs around $300,000.
"The tower is no longer the attraction it once was and has reached the end of its useful life," a statement of environmental effects lodged with the development application says.
"The tower has become a safety hazard and is not accessible for everyone in the community and is not an appropriate reminder of the Queen's visit to Newcastle as part of the 1988 bicentennial celebrations."
It adds that the removal of the structure will "accentuate the view corridor between Queen's Wharf and Newcastle Harbour and the Christ Church Cathedral".
Opened in 1988, the structure, named after Queen Elizabeth II, was the centrepiece of a $13 million dollar development to celebrate Australia's bicentenary.
However, the once-glorious building has not aged well and in recent years it has become a target for vandals.
It also transpired that the tower's slender design with a bulbous viewing platform wasn't to everyone's taste. Some even went as far as to say the landmark was an embarrassment to the city.
"There really is no other way to describe the Queens Wharf Tower other than as an embarrassment to the city," Newcastle City Council's interim chief executive Jeremy Bath told Fairfax, after the decision was made to fell the tower.
"There aren't many cites around the world that have placed a 30m high phallic symbol in their most prominent public place."
However, a new generation of admirers have been taking to social media in an attempt to save the tower from its inevitable destruction.
A devastated fan of the landmark, Newcastle YouTuber and comedian RobComRobCom, even created a protest song called Save The Big Penis.
"Listen, listen, bad decision. We don't need your circumcision," he sings.
"The big penis, it does the trick; every picture of Newie is a sick dick pic."
Newcastle City Council has lodged a development application to demolish the 40-metre tower. The demolition is understood to take place at some point before November.
