The artwork – which stands completed on Randolph Street, a short walk from the Reds' ground – features images of both former players alongside 'Neal & Cally', with the pair also having added their signatures.
Forever Reds, Liverpool FC's official former players association, is delighted to support the unveiling of the mural in L4.
Neal, who remains the club's most decorated player, counts eight First Division titles and four European Cups among his medals during his 11 years at Liverpool from 1974 to 1985.
Callaghan, meanwhile, holds the club record for most appearances, having totalled 857 for the Reds, which came during an 18-year playing career at Anfield between 1960 and 1978.
He was also part of the 1966 World Cup-winning England squad and the first Liverpool player to claim FWA Footballer of the Year in 1974.
Forever Reds chairman John Aldridge said: "Absolutely brilliant to see these two proper legends getting a mural. Cally and Nealy – [two] top, top Liverpool players of all time."
Forever Reds was created to ensure former players always feel part of the LFC family – providing support, involving them in important work in the local community and keeping them informed of new developments across the club.
Earlier this month, Forever Reds donated £75,000 from its fundraising activities to three charities to support the work they do across Merseyside.