The artwork will appear on stage with the singer at his Royal Albert Hall solo show on July 12. It will also feature in Reynolds's new book Heroes And Villains.
Reynolds claimed the inspiration for the piece was Doherty's relationship with the media.
He told The Sun: "I was quite pally with Michael Hutchence and Paula Yates, and their love affair - like Pete and Kate Moss's - went a bit sour.
"The negative press put a downward spiral on them. And when I saw the press that Pete was getting, it made me think of them.
"I saw the same pattern. As if Pete was being crucified by the press."
The sculpture features Doherty on top of a cross with strips of newspapers in the background.