Former player and manager enjoyed immense success at the club
Liverpool will rename Anfield's Centenary Stand after club legend Kenny Dalglish.
The former Scotland international won eight league titles, three European Cups and seven other domestic trophies there as a player and manager between 1977 and 1990, also returning to manage the team in the 2011-12 season when they won the League Cup.
Dalglish is also recognised for his work in the aftermath of the Hillsborough tragedy.
The re-named stand will be officially unveiled later this year.
"It is testament to Liverpool’s history and status that we are not lacking in truly great individuals, whose names could easily grace a stand at Anfield," said Fenway Sports Group founder John W Henry on the official Liverpool FC website.
"But in Kenny Dalglish we have a person who carries such immense significance to the fabric of this club, so it feels somewhat incumbent on us to recognise this in a manner that is befitting to the man.
"He is unique, not just to Liverpool, but to the game in England as a whole, having achieved greatness as a player and then enjoyed such success as a manager. His record and trophies won on both fronts speak for themselves.
"However, Kenny’s contribution to Liverpool goes beyond goals scored, points amassed and silverware placed in the cabinet. His values are Liverpool’s values – he represents what is best about this football club.
"The leadership and solace he gave to individuals, the club and city as it tried to come to terms with the trauma and tragedy of Hillsborough transcended sporting achievement.
"His name is synonymous with our club, with our home and the city of Liverpool. Now it will be as visible as it is palpable."