The heart-shaped sculpture titled "Forever 20" in reference to Jota's jersey number, which has been retired from the club at all levels, including the women's and academy teams.
The memorial will also display Silva's number 30 shirt when he played for Penafiel in the Portuguese second division.
"It will stand on a Granby Rock-faced stone plinth, laser-engraved with a dedication to both brothers, and incorporated into the plinth itself are many of the physical tributes that were left at Anfield," Liverpool said in a statement on Monday.
Jota helped Liverpool win the Premier League last season, and won the FA Cup in 2022 and League Cup in 2022 and 2024 with the Merseyside club. He scored 65 goals in 182 appearances for them.
Ahead of the 2026 Premier League season-opener, Liverpool honoured the Portuguese forward with a minute's silence before the kickoff against Bournemouth.