The announcement comes on the 40th anniversary of Ball's arrival at Goodison Park from Blackpool.
The charity is nearly halfway towards raising the required funds to purchase the Collection, endorsed by Christie's as "the finest and most comprehensive collection of its type relating to a single football club," and a new Steering Group was recently established to work hand in hand with Trustees Lord Grantchester, Keith Wyness and Tony Tighe.
Grantchester, grandson of the late Sir John Moores, has high hopes of reaching the financial goal.
"We have a new strategy in place for the next 18 months when we hope to be able to complete the acquisition," he said.
"We will be in a position to reveal our future activities shortly but we are all very excited about our plans and the fact that one of Everton's greatest ever players has agreed to lend his name to our campaign".
Once the acquisition of the Collection, assembled over many years with passionate dedication by David France, is complete, Everton have agreed to donate their own collection of memorabilia to form "The Everton Collection."
The Collection will then be housed at the Liverpool Records office, with the National Museums Liverpool assisting in staging various exhibitions in subsequent years.
Ball, who was a World Cup winner with England, played for Everton for six years between 1966 and 1972 before his controversial sale to Arsenal. He was delighted with his appointment as Patron of the Trust.
"As Evertonions we have always been proud of our club’s heritage, and so we should be. This collection reinforces the image that Everton Football Club has in the world of football. I am delighted that all football fans and the people of Merseyside will have access to this unique collection in the future years”.