The announcement was made at Sunday’s club Hall of Fame dinner, by Well Society chairman Douglas Dickie who revealed that the decision was made in a vote by Well Society members.
Dickie said: “Tommy was much more than just the man who delivered that trophy.
“Not only did he get the team promoted back to the top flight of Scottish football in his first season, where we have been ever since, he built a squad capable of silverware and our first venture into European football.
“He also brokered what was a club-record fee of £1.75m for Phil O’Donnell to Celtic and then rebuilt another squad, this one good enough to run Rangers all the way in the 1993/94 title race.
“His success on and off the field helped solidify the club financially, which following the publication of the Taylor Report, facilitated the renovation of Fir Park into the stadium it is now, including the away stand which will now bear his name.
“Tommy is one of the most important figures in Motherwell FC’s 135-year existence and certainly the most influential in our recent history.
“We felt it was right for the club to pay tribute to him in this way, and for his name to be forever etched for generations to come.
“The club will spend the new few weeks making the necessary changes to update the stadium, including new signage, to honour Tommy.”