The street art believed to be a genuine Banksy will not be removed from Turnpike Lane.
The graffiti, which shows a young boy using a sewing machine, has been covered with a sheet of clear plastic to protect the work from damage.
At this stage, Haringey Council are committed to keeping the picture in the borough as the graffiti is on private property.
According to the council, they remove graffiti from private property only if is reported as being offensive.
However, the council told the Haringey Independent that as the image is not offensive, it is unlikely this will happen.
Councillor Alan Strickland, on Twitter last night, said: “#Banksy in #NoelPark- v exciting. Have agreed that Council will not touch it and wall owners #Poundland are happy to keep it.”
The image popped up on the side of a Poundland store in Whymark Avenue overnight on Monday.
Although the picture has been credited to the controversial street artist Banksy, the image is yet to appear on his official website.
The bunting made from British flags which were originally part of the picture has since been removed.
The Olympic Torch Relay will travel past the picture as it travels through the borough on July 25.
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