Batsmen Martin Crowe and Graham Thorpe will be honoured by New Zealand and England playing for a trophy named after them during all future test series between the sides, starting this week.
The Crowe-Thorpe Trophy, a collaboration with the men's families, is made from wood sourced from their bats.
Crowe, who scored five centuries against England, died in 2016, while Thorpe, a constant thorn in the side of New Zealand teams, took his own life earlier this year.
"Today's generation of players are standing on the shoulders of those who went before them, players like Graham and Martin," said New Zealand Cricket chief Scott Weenink on Tuesday.
"It's good that we recognise this and respect their legacy."
England cricket chief Richard Gould called Crowe and Thorpe "two legends of the game".
"It is fitting that test series between our two men's sides will now be contested in their name," he added.
The bat gifted by Thorpe's family is the one with which he scored his first two centuries against New Zealand in 1997, while Crowe's is the willow used to score a century at Lord's in 1994.
Both players were hugely successful in their time.
Crowe averaged 45.36 in tests and posted 17 centuries with a highest score of 299, while Thorpe averaged 44.66 with 16 tons and a top score of 200 not out.
New Zealand face England in the first test starting in Christchurch on Thursday before the series moves to Wellington and then Hamilton.