The existing plaque which marks the disaster is situated on the wall of the Sir Kenny Dalglish Stand at Liverpool’s ground.
The new memorial – titled ‘Forever Bound’ – will be moved to a new location yet to be decided on, “to offer a more visible and accessible space for reflection and remembrance”.
Former Liverpool striker, and current club ambassador, Ian Rush played in the game and witnessed the events, where 600 people were also injured.
“We must never forget why this matters, and why we continue to stand together in solidarity, all these years later,” he said.
Italian side Juventus will also unveil a new Heysel Stadium memorial as part of their 40th anniversary commemorations, while Liverpool will put theirs on display later this summer.
After a five-month trial which followed the disaster, 14 Liverpool fans were found guilty of manslaughter and jailed for three years.
An investigation recommended the police and Belgian authorities should also take some of the blame.
What happened at Heysel also led to English clubs being barred from European competition for five years, with Liverpool serving an extra year.
