An interesting law proposal is being submitted to the Knesset. Especially interesting and unique about it is that it is being prepared and proposed by a radio station, though I assume they will submit it through one of the MKs they are affiliated with.

Radio Kol BeRama is proposing that the State officially commemorate the memory of Rav Ovadia Yosef in a similar way that has been done for prime ministers and other influential personalities.

They have had a legal team preparing the law proposal to establish a center for commemorating his memory - sounds like something akin to the Rabin Center or the Begin Center, etc. The Ovadia Yosef Center would seemingly focus on the various halachic and social processes he put effort into during his life and help advance them now, as well as educate the public and establish the heritage of Sephardic Jewry. According to the proposal, the heritage center would include a museum with exhibitions about Rav Yosef's life and about the Edot Mizrach, along with a research center.
source: Ladaat

I think Rav Ovadia was influential, and revered, enough that he deserves such a memorial center. Unfortunately it will probably be used mostly as a way to give jobs and money to those who usually take advantage of his name and memory.