The Council has also decided to amalgamate pieces of a previously-unnamed reserve area in Owhiro Bay and name it Tawatawa Reserve.
David Farrington was a legendary figure in New Zealand football for more than 40 years, coaching the Miramar Rangers, the Wellington representative team and the New Zealand women's national side.
The Council's Environment Portfolio Leader, Councillor Celia Wade-Brown, says the new name is a fitting tribute to a man who is regarded by many as the best football coach Wellington has ever produced.
"Dave was an inspirational figure in Wellington's football scene - he was a brilliant mentor for many of our brightest soccer stars."
The name-change was approved at a Council meeting on Wednesday after a proposal was made by the Miramar Rangers Football Club. The new name will apply only to the area of Centennial Park where the Miramar Rangers' football ground is located.
At the same meeting the Council also agreed on an official name for the reserve area that stretches from Quebec Street in Kingston to Murchison Street in Owhiro Bay. Colloquially know as Preston's Gully, the hilly area is now called Tawatawa Reserve.
Cr Wade-Brown has enjoyed planting native plants in the area with the Southern Environmental Association over the past few years. "I'm delighted this beautiful local name is to be made official. I encourage people to visit this treasure and enjoy the tracks, views, dog exercise area and remnant coastal forest."
The new names will take effect immediately - new signage will be in place over the next few weeks.