The launch happened at Cardiff City Stadium on the 83rd anniversary of the famous Wembley win over Arsenal.
Graham Keenor, nephew of Fred Keenor, and Trust member Mike Inker posed in replicas of the 1927 shirt worn by Fred, at the proposed site for the tribute, along with members of Cardiff City Supporters' Trust and other guests. Graham and Mike were presented with a giant cheque for £1,000 - a donation made by the Trust to the appeal.
The fundraising campaign is being backed by the South Wales Echo.
Graham Keenor said: "This is a 'blue-letter' day with the launch of the appeal to recognise a Bluebird legend. I'm really excited that the appeal is officially underway.
"We've said previously that Fred and the rest of the 1927 team have not had the recognition they deserve. The statue will put that right. A lot of hard work is now ahead."
Trust board member David Craig, who is project manager for the appeal, said: "We need around £85,000 to meet the cost of the project. Apart from the £1,000 from the Trust, Cardiff council has pledged £15,000 for which we are very grateful.
"We want to see businesses, organisations and individuals in Cardiff, in South Wales, across the UK and the world getting behind this campaign to raise the funds needed."
Fred, who was Cardiff born and bred, also played international football for Wales as well as captaining the Bluebirds.
Fans chose a design by Llantwit Major-based artist Roger Andrews - who produced the Sir Tasker Watkins statue outside the Millennium Stadium - as their choice for the tribute to Fred Keenor. The proposed location of the statue is a triangular piece of land between the Grandstand and the Canton Stand.
· Donations can be made to the Co-operative Bank:
Account name: - Fred Keenor Statue Fund or FKSF
Account no 65392368
Sort Code 08-92-99
Cheques can also be sent c/o CCST to PO Box 4254, Cardiff, CF14 8FD. Please add the words "Fred Keenor Appeal" on the top of the envelope.
Appeal To Honour City Legend Fred Keenor Launched
