The Pat Smullen Memorial Handicap will be run on Tuesday, April 13 as a tribute to the nine times Irish champion jockey who died of cancer at the age of 43.
Close friend and Newmarket resident Ted Durcan, who suggested the idea of a race in his honour, said: "There were a lot of people in England at the time of Pat's funeral who weren't able to pay their respects with all the COVID restrictions.
"I know many of us would have liked to have been able to hold a memorial service, which we weren't able to do, and this is just hopefully a nice way to remember Pat.
"The Craven meeting is always a very exciting time, and Pat had huge success over the years at the Rowley Mile. The team at Newmarket Racecourses were extremely helpful and only too happy to stage a race in Pat's name."