Sharp netted 24 goals to tie with Southend hotshot Freddy Eastwood, despite not moving to Glanford Park until the season was already underway.
The Football League did not give the former Blades youngster a trophy, so he will be presented with a golden boot that was commissioned by the Iron.
"It's disappointing that the league will not present a boot," manager Brian Laws told the Scunthorpe Telegraph.
"It was a terrific achievement by Billy in his first season in first team football - and we feel it should be recognised."
This weekend's game will be the first time Sharp has faced his former club since making the short switch to North Lincolnshire.
Trialist Derek Asamoah will feature again, with former Aston Villa youngster Karl Nix also likely to make an appearance.
Sydney-born Nix is a left-winger, who joined Sheffield United from Villa last summer but ended the season on loan at Barnsley after failing to make an impact at the Blades.
The Iron will play backup goalkeeper Josh Lillis, as No.1 Joe Murphy has a slight thigh strain.
Although the Irishman will miss Saturday's game against the Premiership new-boys, he should be fine for next weekend's season opener at Bristol City.