The stencilled Welsh portrait depicts the lifelong Hibs fan in a jumper emblazoned with his Holyrood Boxing logo with his name underneath.
It has popped up on Crawford Bridge - also referred to 'Bridge of Doom' - close to Hibs' Easter Road stadium.
Posting a picture of the mural on Twitter, @Kev_Hibs_07 wrote: "Respect is due! To my mate, your mate and Edinburgh’s Son. #YouWillBeMissed #Brad #BridgeOfDoomTribute"
Mr Welsh arrived outside his address on Chester Street at around 8pm on Wednesday night after training at Holyrood Boxing Gym.
The Trainspotting 2 actor was then shot in the head and later died at the scene.
Tributes have been flooding in since his death was announced.
Trainspotting author and friend Irvine Welsh paid tribute, as did TV personality Danny Dyer, who met Mr Welsh while filming an episode of Danny Dyer's Deadliest Men in 2009.Floral tributes and message of support have also been laid at the scene of the murder on Chester Street in the West End of Edinburgh and at Welsh's Holyrood Boxing Gym.