Future Test series between England and West Indies will see teams battle for the new Richards-Botham Trophy instead of the existing Wisden Trophy, the ECB confirmed ahead of the third Test.
The trophy borrows its name from West Indies batting great Vivian Richards and celebrated England all-rounder Ian Botham, who turned out for the same English county during their playing days.
The present Wisden Trophy was introduced in 1963 to mark the centenary of the Wisden Almanack that is dubbed as 'cricket's bible'.
Former England captain Michael Atherton recently suggested the prize for the series could be rebranded to honour two great performers similar to how Australia and India contest the Border-Gavaskar Trophy.
"This is a huge honour for my good friend Ian and myself," said Richards.
The two-time World Cup-winner enjoyed an illustrious international career, managing to amass more than 8,500 runs across a 121-Test career.
"I am delighted to know that the game that I have shown my love for since a little boy is naming such a prestigious award in my recognition of what I managed to achieve as a cricketer," the 68-year-old Antiguan added.
Richards' highest score against England arrived at the Oval in 1976 when he smashed a majestic 291 and dished out plenty of impressive knocks against the familiar foes.
"When I had the opportunity to go to England and represent Somerset, one of the first persons I met was Ian Botham, who would later become one of my best friends.
"We were competitors on the field, but we showed we were brothers off the field."
Meanwhile, Botham's finest came against Australia when he had a spate of match-winning performances in the 1981 Ashes.
"Viv was the finest batsman I ever played against," the 64-year-old Englishman said.
"He's a great friend but we've always been competitive, not least when we were on the cricket field, and there was no one else's wicket I would treasure more.
"Playing the West Indies was always one of the toughest tests in cricket, and it's an honour for this trophy to bear our names."
The Wisden Trophy will now be displayed in the MCC Museum at Lord's, where it has traditionally been kept.