The musician posted to Instagram yesterday to share a photo of a new sculpture of Mercury, by Tom Mackenzie.
It is set to be donated to the Queen Studio Experience exhibition in Montreux.
May wrote: “Freddie lives!!!
“Tom MacKenzie – sculptor – and myself, with an amazing bust of Freddie which Tom and his son Grant have created using a mixture of 3-D digital modelling and traditional sculpting skills.
The film won four Oscars, more than any other movie this year. Malek was among the champions, taking Best Actor.
May has been continuously busy, and spoke on The One Show earlier this month in support of his new photography book Queen In 3-D.
Asked by host Alex Jones if Mercury too was a photographer, May said: “He was. He loved his Polaroids.”
It seems the megastar would take candid photos of his loved ones and then gift them with the only copies.
“He used to take masses of Polaroids of all his friends, portraits, and then give them all away,” May said.
“It was just one of Freddie’s things. Very generous nature, Freddie. He loved photography.”
The megastar also reflected on the enormous success of Bohemian Rhapsody.
Speaking about the climactic Live Aid sequence, he said: “They did an incredible job with that. Every nut and bolt… It’s very clever.
“The boys, the four of them [who played Queen], are unbelievable.
“They lived us. They didn’t really act it. They became us and believed it, and we believed them.
“Rami’s sensational, he’s got every award under the sun now.”
Bohemian Rhapsody is out now on DVD, Blu-ray and digital download. Queen In 3-D by Brian May is also out now.