A crowdfunding appeal was set up when the mural was vandalised after England lost to Italy in the Euro 2020 final.
Just under £40,000 has been raised in two weeks to repair and protect the mural, however the England and Manchester United player has asked that the money goes to charity FareShare.
FareShare is the longest running food distribution charity in the UK, supporting communities to combat food poverty and food waste in and around Manchester.
In a statement, Rashford said: "At one of my lowest points, the outpouring of support around this mural really lifted me and I'm truly grateful for that.
"It reinforced my belief in the strength of community and the endless pictures being shared of visit left me feeling really overwhelmed. I wanted to capture that feeling and bank it for more people to experience."
He continued: "All funds raised in recent weeks, beyond those needed for a repair, protection and preservation for the mural, will be donated to FareShare Greater Manchester to support hunger over the upcoming summer break."
Last year, Rashford, 23, spearheaded a prominent campaign to tackle child food poverty in the UK during the coronavirus pandemic.
It led to 1.7 million vulnerable children being supported by a £520 million Government scheme and other projects have helped deliver 130 million meals.
He has also launched a food education and cooking project for children, "Full Time Meals".
Thousands of messages were left on the giant mural of Marcus Rashford, which have now been removed to be preserved for future generations to enjoy.