Jones scored 6068 runs at an average of 44.61 in 164 ODIs for Australia, while he tallied 2122 runs at 50.52 in 55 games for Victoria.
But those numbers fail to encapsulate one of cricket's great entertainers, who was renowned for being a fluent run-scorer and his aggression while running between the wickets.
Jones died in 2020, having suffered a heart attack in India at age 59.
Andrew Symonds, Michael Bevan and Jones were shortlisted for the honour after a fan vote, with the Australian Cricket Hall of Fame Committee announcing its decision on Friday morning.
The great Dean Jones passed away on this day 4 years ago, and I can still barely believe it 😢— Rob Moody (@robelinda2) pic.twitter.com/vWeTVN0yFuSeptember 24, 2024
"On behalf of the Jones family we are very grateful for this recognition of our dad, who we miss dearly," Dean Jones' daughter Phoebe said.
"It makes it extra special knowing its fan-voted and will be unveiled today at what he nicknamed 'his office' at the MCG.
"Dad would be extremely proud to receive this acknowledgement. He loved representing Victoria in this competition and winning the 50-over World Cup for Australia in 1987 was what he described as the greatest cricketing day of his life."
Cricket Australia chief executive Nick Hockley was thrilled the trophy was being renamed in honour of "an icon of the game and pioneer in one-day cricket, who entertained fans around the world".
"He was a World Cup winner, an innovator and possessed one of the best records in 50-over cricket for the era that he played," Hockley said.
Meanwhile, the man of the match in the final will now be awarded the Michael Bevan Medal.
This season's final will be staged on March 1.
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