Martin Crowe and Graham Thorpe were hugely successful Test batters in their time: Crowe averaging 45.36 and posting 17 centuries with a highest score of 299, and Thorpe averaging 44.66 with 16 centuries and a highest score of 200 not out - against New Zealand in 2002.
Made from wood sourced from a bat from each player, the trophy is designed by David Ngawati of Mahu Creative and will be played for in future New Zealand-England Test series.
New Zealand Chief Executive Officer Scott Weenink said it was fitting the stories and memories of both players would be kept alive through the newly named trophy.
"Today's generation of players are standing on the shoulders of those who went before them, players like Graham and Martin," said Weenink in an official statement.
"It's good that we recognise this and respect their legacy. Both were seriously good batsmen who understood the game intimately - they commanded respect wherever they went," Weenink added.
New Zealand-England Test series begins on November 28
Tom Latham and Ben Stokes will be going head-to-head beginning this Thursday. New Zealand have an outside chance of making it to the World Test Championship (WTC) final after beating India 3-0.
New Zealand now must win against England by the same margin if they want to give themselves the best possible chance of making it to the WTC final.
The Crowe-Thorpe Trophy will be unveiled by Deb Crowe (Martin's sister) and former England Test captain Michael Atherton on the ground ahead on the national anthems on Thursday.
Richard Gould, ECB Chief Executive Officer, said: "Martin and Graham are two legends of the game, and it is fitting that Test series between our two men's sides will now be contested in their name.
"It's heart-breaking to have lost both men so early, but by honouring them in this way I hope we can help ensure the memories and legacies of two of our nations' finest cricketers live on long into the future," he added.
Thorpe, who debuted in 1993 and played 100 Tests, was a constant needle in the side of the New Zealand teams, against whom he scored four centuries and averaged 53. He died earlier this year, aged 55.
Crowe scored five centuries against England, including 142 at Lord's in his last visit. He was enormously brave, scoring runs in the most difficult environments, including 188 in Georgetown against a West Indian attack including Malcom Marshall, Michael Holding and Joel Garner. He died in 2016, aged 53.