"This is quite an honor," Yastrzemski said in a statement. "To have a bronze statue at Fenway Park is something I never could have imagined, and I am very grateful to the Red Sox for this kind gesture."
Yastrzemski retired after that day, having played the most games (3,308) that any player had ever played to that point in the history of Major League Baseball -- a mark since surpassed by Pete Rose.
He hit 452 career home runs, scored 1,816 runs, drove in 1,844 runs, won seven Gold Gloves and was an 18-time All-Star. His Triple Crown in 1967 helped lead the celebrated "Impossible Dream" Red Sox to the American League Championship series.
The dedication ceremony is set for 11 a.m. on Sept. 22, prior to Boston's 1:35 p.m. game against the Blue Jays. Yastrzemski is scheduled to throw out the ceremonial first pitch.
The statue will stand alongside the team's other two, which feature Williams and "The Teammates" statue that depicts Dom DiMaggio, Johnny Pesky, Bobby Doerr and Williams together. Toby Mendez, who created "The Teammates," will sculpt the Yastrzemski statue.
It will stand outside the ballpark's Gate B entrance.
Joey Nowak is a reporter for MLB.com. Follow him on Twitter at @joeynowak. This story was not subject to the approval of Major League Baseball or its clubs.