Contractors have started dismantling the Lyle Fountain in Cathcart Square, which was gifted to the town in 1880.
The process began on Monday 12 April, and is expected to take several days.
Once the removal is complete, the fountain will be taken to Wigan to be returned to its former glory by a specialist restoration company.
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Work is due to take around four months but that may vary depending on the condition of the ironwork once it has been descaled and stripped of paint.
The restoration of the fountain is expected to cost just over £56,000.
An Inverclyde Council spokesperson said: "The Lyle Fountain is an iconic feature of Greenock town centre enjoyed by many a resident and visitor over the last 141 years.
"It's also a link to the heritage of Greenock and Inverclyde as a whole.
"That's why it’s important that we restore this piece of history for future generations to admire."
