Silva made his final appearance for City in their 3-1 defeat by Olympique Lyonnais in Saturday's Champions League quarter-final.
The 34-year-old helped City win the Premier League four times, the FA Cup twice and the League Cup five times after signing from Valencia in 2010.
Silva, who scored 60 goals in 309 Premier League appearances, also represented City in a club record 70 European matches.
Belgian defender Vincent Kompany, who spent 11 years at City, was given similar recognition when he left the club last year. Both statues are due to be unveiled next year.