Air Canada Centre to be renamed Scotiabank Arena

Pedestrians walk past the Air Canada Centre as a screen projects an image of the Toronto Maple Leafs logo in Toronto Wednesday, December 1, 2010. (Darren Calabrese / THE CANADIAN PRESS)

TORONTO - The name of Toronto's Air Canada Centre will be changing next year.

A source confirmed to The Canadian Press that Maple Leaf Sports & Entertainment has reached a 20-year sponsorship agreement with Scotiabank that will see the home to the NHL's Maple Leafs and NBA's Raptors renamed Scotiabank Arena.

The change will reportedly take place July 1.

Air Canada held the naming rights to the arena since it opened on Feb. 19, 1999.

The arena, commonly known as the ACC by Toronto's sports fans, is also home to the Toronto Rock of Major League Lacrosse and is a top destination for major music acts.