Mark Platt, museum curator and club historian, was initially planning to travel to the game with his father but he ended up watching it on the television instead.
“It was a nightmare. I was only 12 years of age at the time,” he said.
“You couldn’t really believe what was happening. You couldn’t comprehend what you were seeing.”
He added the tragedy was “one of the darkest nights in the club’s history” but said “40 years on, we’ve never forgotten Heysel”.
Mr Platt said the new memorial, which will feature two scarves knotted together, would be “more visible”.
Keith Watson, who designed the memorial, said it was a “simple design” based on their research.
“On the terraces, we saw two scarves – one from Juventus and one from Liverpool,” he said.
“That gave us the idea to pull the design together as ‘forever bound’ to signify the unity, the collaboration, the reconciliation that has taken place between the two clubs.”