The banked Peraltada no longer features in the revamped layout and organisers said in a statement they had decided to rename Turn 17 after Mansell, who also won at the track with Williams in 1987.
The Briton, who has been invited back for the Nov. 1 race, said he was "flattered, proud and delighted".
"I have extremely fond memories of racing in Mexico City, the people, the energy and the track itself were all highlights of the F1 calendar back then for me," he added.
(Reporting by Alan Baldwin in London, editing by Toby Davis)
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