Bring Kids Home, a nationwide organization for missing and abused children, is behind the memorial and paired with Orlando, Fla., local artist Jefre to develop a design, the Orlando Sentinel reported.
Attending the event Tuesday at the site where the 2-year-old's body was found were her grandparents, George and Cindy Anthony, with Cindy Anthony participating in a butterfly release.
The couple's daughter, Casey Anthony, was acquitted in July of killing the toddler.
"This is the first time I've been here in so long," George Anthony told reporters near where his granddaughter's body was discovered in 2008. "It's hard to come here."
Jefre's design for the memorial incorporates elements of A. A. Milne's "Winnie the Pooh" books, the Sentinel said.
"It was the understanding that Caylee's favorite character was Winnie the Pooh," the artist said.
The Anthonys said they hadn't seen the plans before Tuesday's unveiling, but would support a memorial if it were done respectfully and raises awareness about missing children.
"That's what this has to be about," George Anthony said.
Bring Kids Home would need a special zoning exception and go through the permitting process to build the memorial. Organization Director Eddie DelValle said Bring Kids Home hopes to raise $200,000 through donations for the memorial's construction.