The bridge, which is nearing completion and will open in the summer, is a part of the Riverside Sunderland regeneration programme.
Community groups will suggest possible names, which will then be put to a public vote.
The bridge’s name will be decided by the people in and around the city.
Councillor Michael Mordey, leader of Sunderland City Council, said: “Just like the Northern Spire – which was named by our residents – we want local people to have their say on what we call this iconic new bridge, which will be used by many thousands of people every week when it opens later in the year.
“The footbridge is one of those developments that – as it’s gone from vision to a reality – has captured the interest and imagination of local people.”
He added: “From speaking to residents, it’s clear there is an enormous sense of pride about this bridge already.
“So it’s important that they have a chance to select a name that really connects with them and that is befitting of a landmark that is so significant to the changing Riverside Sunderland area.”
The bridge has already created 21 local jobs, four apprenticeships, and six work experience placements.
The construction reached a milestone last month when the strand jacks, used to lift the central section of the structure, were removed.
The bridge is part of the Riverside Sunderland regeneration programme, which aims to double the city centre’s population and provide workspace for up to 10,000 jobs.