The Crowe-Thorpe Trophy will be unveiled by Deb Crowe (Martin's sister) and former England Test captain Michael Atherton on Hagley Oval ahead of the national anthems on Thursday.
Both players were hugely successful during their time in test cricket.
Crowe, a former Black Caps captain played 77 tests and died of cancer in 2016. He was 53.
He averaged 45.36 in his test career scoring 17 centuries - the last of which was against England at Old Trafford in 1994.
His highest test score was 299, scored against Sri Lanka at the Basin Reserve in Wellington in 1991.
Thorpe played 100 tests for England.
Thorpe scored 16 test centuries averaging 44.66. His highest score was 200 not out - against New Zealand in 2002.
The trophy is made from wood from a bat from each player.
The bat gifted by the Thorpe family (a Kookaburra) is the one with which Graham scored his first two centuries against New Zealand, in consecutive Tests in 1997, while the one donated by the Crowe family was the GM with which Martin scored his century at Lord's in 1994.
New Zealand Cricket chief executive 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.
"Both were seriously good batsmen who understood the game intimately - they commanded respect wherever they went."
Richard Gould, ECB chief executive, said: "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."
