Facilities at the centre in Crookes road include grassed sports and reacreational area, and articfical pitches.
McCabe said:"I spoke to his widow Sylvia and she is overwhelmed and pleased that the academy will be named after Derek.
Derek was a special guy. He united the city in football. He never forgot the value of grassroots football so we feel this is a appropiate and fitting tribute to a man who was passionate about the game and the loved the city, the Blades and the Owls."
Their will be a 1 minutes silence held at United' next home game with Coventry City on Tuesday night. The flags on top of the Bramall Lane stands are currently flying half mast.