Although the street will still be called Chicago Avenue, the city will refer to the blocks between 37th and 39th streets as George Perry Floyd Jr. Place, the Star Tribune reported.
The City Council approved the naming Friday, and Mayor Jacob Frey's office said he would likely sign off on it as well.
Floyd, a Black man who was handcuffed, died May 25 after Derek Chauvin, a white officer, pressed his knee against Floyd's neck even as Floyd said he couldn't breathe. Floyd's death was captured in widely seen bystander video that set off protests around the world.
Months after Floyd's death, the intersection remains barricaded and now holds a memorial. A group of demonstrators has occupied the area, saying they will not leave until the city meets their demands, including funding for anti-racism training and a temporary property tax freeze for people within that zone.
The city had announced plans to reopen 38th Street this summer but backed off, avoiding a confrontation.
The city continues to work on a long-term plan for the intersection.