In his two spells at United Charles, known as 'The Gentle Giant' ,scored 157 goals in 327 appearances.
The Welsh international commanded a world record £65k fee when he moved to Italian giants Juventus in 1957.
Suzannah Bates, wife of Leeds chairman Ken, originally came up with the idea to commemorate Charles, who was awarded a CBE in 2001 and who died two years ago.