Selwood retired after the Cats' 2022 grand-final victory over Sydney, having played a club-record 355 games.
His decorated career included six All-Australian selections, including three as captain, and three Carji Greeves medals as Geelong's best-and-fairest.
The 35-year-old, renowned for his displays of courage and grit over 16 AFL seasons, also remains the longest-serving captain in league history.
The Joel Selwood Stand will increase GMHBA Stadium's capacity to 40,000, making it the third-largest stadium in Victoria behind the MCG and Marvel Stadium.
"Joel has made a significant contribution to the club and the wider Geelong community since he walked through the doors at Kardinia Park in late 2006 and this is a fitting recognition," Cats CEO Steve Hocking said.
The two gates to the new Joel Selwood Stand will also be named after Geelong football champions - VFL legend Graham 'Polly' Farmer and Audrey Cope, who was the Cats' inaugural women's team captain in 1954.
"It is fantastic to see two incredibly important figures in Geelong's history recognised with Polly Farmer's and Audrey Hope's names adorning the gates of our new stand," Hocking said.
"Polly changed the way Australian Rules football was played for the better with his innovative style of play, while Audrey was a true pioneer in the earliest days of organised women's football in Geelong."
The Cats are set to open the new stand at their first home game in 2024 - a round-one clash with St Kilda on March 16.
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