MacDougall, who was a key figure in the club’s first promotion in 1971, will officially open the stand before the Cherries host Real Madrid in a celebratory exhibition match on Sunday.
And Fletcher, whose name is above the North Stand, believes it is a fitting tribute to the Cherries’ second all-time top goal scorer.
“He must be very pleased. I bumped into him yesterday when he came to the club and we had a good chat,” he told afcb.co.uk.
“We didn’t talk too much about the stand, but when I was told the north stand was to be named after me I was very proud, very humbled and very honoured. I’m sure Ted will feel the same.
“He is a legend here. Most of the younger supporters probably don’t know who he is, but for some of the older ones he was their hero.
“When you go to grounds around the country they have stands named after their players and I think it’s nice.
“It adds some history to the place when you can look up and see a name at the top of stand. It makes him synonymous with the club and Ted has been a massive part of our history.
“It’s only right that he has been honoured in this way.”
Fletcher was pleased to see the progress made on the South Stand, which will give the Goldsands Stadium a fourth side for the first time in more than a decade.
“We’ve got Ted at one end and me at the other, and I’m very honoured to be opposite a man who scored so many goals for this club,” he said.
“For 13 years we didn’t have a stand behind that end and it is almost strange to see it there. But now the stadium is complete.
“The chairman and directors have made this into a place worthy of Championship football and potentially higher.
“I’m very proud to look around the place and see how far we have come and the facilities we have got, which are nothing short of fabulous.”