The ground was originally named as part of a deal with Glanford Borough Council, a political body which covered the whole of North Lincolnshire outside Scunthorpe.
It was abolished in 1996 as part of the local government reform that saw the creation of North Lincolnshire Council, but the stadium kept its name.
Now the club are seeking to follow the trend of renaming grounds in order to capitalise on sponsorship opportunities.
Although all four stands in the stadium are named through sponsorship deals, this is the first time since it was built in 1988 that complete naming rights have been made available.
The club say they are looking for a long-term sponsorship arrangement.