The murals inside Trumbull Elementary in Andersonville depict Christopher Columbus, the Chicago Tribune reported.
School district officials said Thursday they have no plans to take down the murals before the end of the school year.
"I'm happy they're not going to butcher our school," said parent Sarah Lopez, 36. "There's no need to come in here and make the school unrecognizable."
There are 467 pieces of early 20th century artwork in Chicago public schools, said Heather Becker, chief executive officer of The Conservation Center, a private art restoration and conservation organization.
It is not yet clear how many of those pieces of art are in the 49 schools being closed this year, but the school district said in a statement that it is it working with Parma Conservation to remove and store the art.
"When they are removed, the murals will be placed in protective storage to ensure they are preserved and secure until we determine a new public location for them, most likely in CPS schools," the school district said.