Boyle, artists Jeremy Deller and Rachel Whiteread, Tate galleries director Nicholas Serota and the sculptor's daughter Mary Moore are among signatories to a letter asking the council to reconsider.
Boyle, who won an Academy Award for "Slumdog Millionaire" and directed the opening ceremony of the Olympics, said Monday that the sculpture "defies all prejudice in people's minds about one of London's poorest boroughs."
"That alone makes it priceless to every resident," he said. "Let's put it in the Olympic Park alongside the Bradley Wiggins Bell" — rung by the British cycling champion to mark the opening of the games.
The Museum of London also has offered to display the sculpture.
The council is due to decide on the work's fate on Wednesday.