The proposed 40m (131ft) high art piece was envisioned by Steven Brower, who says he was inspired when he went to see a pantomime at Llandudno.
Gwydr Forest is owned by the Welsh Assembly Government, which said the local council would deal with any planning issues.
The idea is being backed by ARC, a Llanrwst-based community arts group, which aims to boost tourism in the Conwy Valley through cultural regeneration projects, including public artworks.
It said if the giant pumpkin was built it could rival the Angel of the North sculpture in Gateshead.
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Mr Bower commented: "We don't do pantomime so much in the States and I saw it for the first time in Venue Cymru, Llandudno, and it is a very strange and beautiful tradition you have here. My enormous pumpkin is a celebration of that, but also a homage to the pumpkin growers of the Conwy valley over the centuries."
Spokeswoman from ARC, Megan Broadmeadow, said the installation, which would be built from recycled materials, would attract people from all over the country.
She stated: "It will be not only a visual icon, but so large that educational, arts and green activities can happen inside it all year round."
There is no costing for the structure as yet, but local people are being asked for their opinion.
Anna Edwards from Cafe Contessa, said she the idea of a giant pumpkin overlooking the town has been met with a mixed response.
Ms Edwards said: "Some people say it sounds silly, but others think it's a good idea. Generally I think people find it quite funny though, although a few have said 'why a pumpkin'. I think it could be quite quirky."
Conwy Council said it was not aware of any plans being submitted.
(JG/GK)
