UEFA president Michel Platini will hand the award to Charlton in a ceremony at lunchtime at Old Trafford.
Charlton played for United from 1953 until 1973, was named European Footballer of the Year in 1966 and was a member of the United team that won the European Cup in 1968. He also played 106 times for England winning the World Cup in 1966 and still holds his country's international scoring record with 49 goals.
Platini said in a statement: "Sir Bobby represents everything that is good about the game of football; fair play, respect, and true loyalty and he is a good example for future generations, both on and off the pitch."
After becoming president in 2007, Platini decided that he wanted to recognise former players with his award and his first was made last year to Alfredo Di Stefano, the former Real Madrid player who scored in the first five European Cup finals for Real, all of which they won.
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