The George Harrison Woodland Walk was announced on February 25 to commemorate what would have been the late musician's 77th birthday.
The memorial will be built in a 12-acre site in the Liverpool suburb of Allerton, close to where the former Beatle spent his formative years.
The project will be overseen by the George Harrison estate and Liverpool city council, which is calling on artists to submit ideas for installations and sculptures that will be on display in the woodland.
"It has been one of my ambitions as mayor to find an appropriate way for us as a city to celebrate one of our most-loved sons, so I am overjoyed that at last we can announce the George Harrison Woodland Walk. The site is beautiful, and the plans for the area in the coming months are really exciting. It feels right that at last we have a permanent memorial to celebrate George's life, loves and influence," Liverpool mayor Joe Anderson said in a statement.
The forthcoming memorial will combine garden and woodland with a number of artistic installations inspired by the life and lyrics of the singer-songwriter.
A "natural classroom" will also be landscaped to allow school children from across the region to spend time learning about nature and the environment.
"George was an avid gardener who found solace and joy in being in the outdoors. I don't think there is any better way to commemorate him in Liverpool than with a garden which can become a place of tranquillity and reflection for everyone. I am really looking forward to watching it change and grow over the coming years," Olivia Harrison, George's wife, added in a statement.
The George Harrison Woodland Walk is set to open to the public in spring 2021, with work to transform the site beginning within the coming months.
Submissions to create an artwork for the memorial can be sent until April 15 via cultureliverpool.co.uk/harrison/.