Striker Jimmy Greaves, defender Jimmy Armfield and goalkeeper Peter Bonetti will also be honoured.
FIFA, football’s governing body, agreed to mint special replica medals for the players who missed out on the 1966 final, plus England’s coaching staff.
Between 1930 and 1970, only the 11 victorious players who played in the final received a winner’s medal.
It meant only the players who beat West Germany 4-2 on that famous day at Wembley were honoured, including Roger Hunt, another Liverpool player.
Now the new policy will also hand a record third medal to Pele, who triumphed in 1958 and 1970, but was injured for Brazil’s 1962 final win.
Callaghan, who made a record 640 appearances for Liverpool between 1960 and 1978, helped England beat France 2-0 in one of the group games, but lost his place to future Everton star Alan Ball.
He went to win only four England caps, while Byrne – who famously played through the pain of a broken collarbone to help Liverpool win the 1965 FA Cup Final – represented his country only twice.
