One of those who died, 17-year-old Corey Price, represented Cardiff City Academy over eight years from age nine.
The club said it had been "deeply saddened" to hear of the deaths of Corey, his friends Alesha O'Connor and Rhodri Miller, and Margaret Challis who was a passenger in another car.
The match between members of the community will be held on 14 June.
Corey's father, Lee Price, said: "It's been overwhelming. Corey spent eight years with Cardiff's Academy and the club recently came to me with the idea of a memorial match.
"Corey had an infectious giggle when he got excited and I'm sure he'll be looking down with a smile on his face."
Academy operations manager Anthony Redwood, who was instrumental in arranging the match with Corey's family, said he had been in regular contact with the families.
"Corey played a major part in our programme and more so in the lives of others - the staff and his teammates at the academy," he said
"We hope that we can make an annual event of the match and celebrate their memories."
Admission for the match at Cardiff City Stadium is free. There will be bucket collections and donations accepted on the day.
All proceeds will go towards a Corey Price memorial bench at Corey's school, Ysgol Bro Morgannwg in Barry, Vale of Glamorgan.
A second memorial bench will also be placed at the Cardiff City Academy training ground.
The crash happened on the A470 near Storey Arms, Brecon, on 6 March.
Corey and his two 17-year-old friends were from Barry. Mrs Challis, 66, was from Merthyr Tydfil.
Seven teenage drivers who were arrested on suspicion of dangerous driving after the crash have been bailed.
Cardiff City Football club is to stage a match in memory of four people who died in a crash in the Brecon Beacons.