The new square will be located on avenue McGill College.
Place Oscar-Peterson will be located at the centre of avenue McGill College between Sainte-Catherine and de Maisonneuve.
"Oscar Peterson was a remarkable jazz musician who brought honour to his native Montreal, and we are proud to offer him the tribute he deserves with this square that will bear his name and be worthy of his talent," Mayor Valérie Plante said in a press release.
Born in Montreal in 1925, Peterson went on to become one of the most influential and notable jazz pianists in history. During his life, Peterson won eight Grammy awards and played on the albums of legends such as Ella Fitzgerald, Duke Ellington, and Louis Armstrong.
"This choice is also a step in the right direction in terms of inclusion, knowing that cultural diversities are under-represented in the public space and that Mr. Peterson faced racism throughout his life," the mayor added.