MotoGP superstar Casey Star will be honoured at Phillip Island on Thursday, when a ceremony will be held to name Turn 3 after the reigning world champion.
Stoner is poised to retire from motorcycle racing at the end of this season and is preparing for his final race at the Australian Grand Prix, where he is bidding to clinch an incredible sixth victory on the trot.
He joins Aussie bike legends Mick Doohan and Wayne Gardner, who have also had a part of the legendary circuit named after them.
Stoner has often singled out Turn 3 at Phillip Island as his favourite corner and it is fitting that this spectacular section of the circuit will carry his name, which will become known as 'Stoner Corner'.
The Honda rider, who also won the world title for Ducati in 2007, is currently third in the championship standings but is unable to end his career with a third crown, with his chances of challenging Jorge Lorenzo and Dani Pedrosa at the top ruined by an ankle injury that caused him to miss three races this season.
Stoner is being linked with a move to V8 Supercar racing following his retirement from MotoGP.