"As the NFPYM, we humbly request the municipality to honour our fallen hero by renaming Mangosuthu Highway in Umlazi after this national icon," Secretary General Busi Tshabalala said in the statement.
"We are of the view that this will be a befitting honour for this humble being, who was always patriotic in every respect."
Meyiwa was shot dead in Vosloorus while visiting his girlfriend, singer and actress Kelly Khumalo, on Sunday night.
On Tuesday, police released identikits of two men believed to be involved in the shooting. A reward of up R250 000 has been offered for information leading to arrest of the killers.
Two people were questioned in connection with murder, but were later released without being charged.
Tshabalala said Meyiwa was an extraordinary man who achieved so much coming from a township like Umalzi.
"He inspired confidence and was a role model to upcoming youth. As young people we looked up to him and he left a legacy that will stay with us for decades to come.
"It's for this reason that as the NFPYM, we feel that the least we can do remember this young man is to have Mangosuthu highway renamed after him.”