The Wales manager, who was found dead at his home in Cheshire on Sunday aged 42, made 535 appearances in the competition during a 22-year career.
"Gary will be remembered as an iconic player of the Premier League era," a League statement said.
"This will give clubs and fans the opportunity to show their appreciation for Gary's career."
Supporters at the Liberty Stadium paid a similar but spontaneous tribute to Speed before the match between Swansea City and Aston Villa on Sunday, just hours after news filtered through of his death.
Midfielder Speed enjoyed a successful career on the pitch, becoming a fans' favourite at Leeds United, Everton, Newcastle United, Bolton Wanderers and Sheffield United.
Robbie Savage, on the BBC News Channel, sheds tears for Gary SpeedHe had just embarked on a career in management, helping a resurgent Wales to five victories from 10 games and raising hopes of a successful qualifying campaign for the 2014 World Cup.
Premier League chief executive Richard Scudamore said: "Gary was a wonderful ambassador for our league, and indeed all of football, but more than that he was a decent man widely respected throughout the game and beyond.
"Gary will go down in history as one of our iconic players, he was a stand-out professional of the modern game and I'm sure all football fans across Britain will be deeply saddened at his untimely passing."
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