The jumbo jet, painted in BA’s old Negus livery of the 1970s and 80s, is now at Cotswold airport near Kemble in Gloucestershire.
It was one of the final two BA 747s to leave Heathrow last month.
The airport will maintain the aircraft and plans to convert an area of its interior as a business, conferencing and private hire venue, as well as a cinema for locals and an educational facility for school trips.
It is planned that the aircraft will be open to the public from spring 2021.
The airport’s chief executive Suzannah Harvey said: “It is great news for locals and visitors who will be able to see and experience one of the most iconic passenger aircraft of its time.
BA chief executive Sean Doyle said: “It was with great sadness that we retired our two final 747s based at Heathrow earlier this month, so we’re glad Cotswold Airport is able to give one of these aircraft a new home and a new lease of life.
“The 747, and the Negus livery, are iconic in British Airways’ past, and we hope locals and visitors will enjoy seeing this slice of history for years to come.”
The aircraft entered the BA fleet on 15 February 1994 and operated 13,398 flights, flying for 118,445 hours over nearly 60 million miles. Its last passenger service was from Miami to Heathrow on 6 April 2020.
A large percentage of all money raised from events on the aircraft will be used to support Cotswold Airport’s scholarship programme and charities.
Every year the scholarship helps 10 students who have an interest in aviation-related sectors or careers to undertake instructional flight time or experience various aviation career environments.
