The Devdas star will now be seen in an outfit which has been inspired by her Cannes appearance earlier this year.
"I think fans will be blown away by the beautiful Aishwarya Rai Bachchan," said Matthew Titherington, General Manager at Madame Tussauds Blackpool.
Rai Bachchan was seen in a white, embroidered, one-shouldered outfit from Lebanese designer Elie Saab.
The actor's original waxwork had earlier been dressed in a traditional red saree.
Rai Bachchan made her Cannes red carpet appearance as brand ambassador for L'Oreal Paris. Sonam Kapoor and Freida Pinto were also in attendance at the festival to promote the cosmetics firm.
The Madame Tussauds Bollywood collection includes Amitabh Bachchan, Shah Rukh Khan, Hrithik Roshan and Salman Khan.
Kareena Kapoor is expected to unveil her new statue at the attraction on October 27.
The global Bollywood tour will travel to London, Hong Kong, Bangkok and sites in Europe and the US.
