The arrangement calls for the busy Atlantic Avenue-Pacific Street station near downtown Brooklyn to get a new monicker that includes the name of the planned arena, the "Barclays Center."
Developer Forest City Ratner hopes to open the new building in 2012.
The arena is supposed to be the new home of the New Jersey Nets.
MTA spokesman Aaron Donovan says the company will pay the agency $200,000 a year for 20 years for the renaming rights.
NEW YORK AND TRI-STATE AREA NEWS