The velodrome in Newport will become known as the Geraint Thomas National Velodrome of Wales, with Newport City Council and Newport Live - which runs the operation of the velodrome - confirming the 32-year-old had accepted the invitation.
As well as his success on the road with the Tour de France victory and two stage wins, Thomas is also a double Olympic gold medallist on the track in the team pursuit. Thomas said it was a "huge honour" to have the velodrome renamed after him.
"It’s a huge honour for me to have the Velodrome renamed after me - I can’t quite believe it if I’m honest!" Thomas said.
"The Velodrome has played a pivotal part in my cycling story and continues to play such a key role in inspiring the next generation of cyclists in South Wales.
"It’s a fantastic facility for riders of all ages and abilities to hone their talents.
"I would personally like to thank everyone who has played a part in this and look forward to seeing everyone for the grand opening."
Councillor Debbie Wilcox, leader of Newport City Council, said on the announcement: “We want to show our appreciation of Geraint’s awesome achievement. This is the glittering prize in an already stellar career in which Geraint has notched up a wealth of titles, including two Olympic golds on the Track.
“Geraint has been a regular visitor to the Wales National Velodrome since it opened in 2003 and has spoken of what it has meant to him, so it is entirely fitting that Newport bestows this honour on him.
“He is not only one of the country’s most successful elite sportspeople, he has already inspired generations of young people. Like many others, I have been impressed not only by his skill, determination and hard work but by his demeanour and attitude. A true sporting idol that deserves every plaudit he has received.
“I would like to thank the Welsh Government, and other key partners, for their support for our proposal.”
Thomas is set to race at the 2018 Tour of Britain in September, which finishes in Newport on stage one.
Thank you for reading 20 articles this month* Join now for unlimited access
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Join now for unlimited access
Try first month for just £1 / $1 / €1