The owner, Comcast-Spectacor, made the announcement Tuesday.
Workers already began removing the oversized "W" at the Wachovia Center. The arena has hosted Stanley Cup games and the Republican National Convention but it's had a tough time holding on to a first name. This new change will be the arena's 4th name in 14 years.
The 21,000 seat arena is home to the Flyers and 76ers .
The new signs are expected to be in place by September 14th when Lady Gaga performs the first of two sold out shows at the Wells Fargo Center.
Naming rights are a big deal for companies and they pay big money for it. Wells Fargo will pay $1.4 million for the privilege. In comparison, Citizens Bank pays $2.3 million and Lincoln Financial pays $6.7 million. Companies say the appeal to the naming rights is a connection to a major sport and all the media mentions both locally and nationally, either on television or in print.
Currently the biggest naming deal is Citibank, which is paying the Mets $20 million a year for 20 years!
But some fans say a name on an arena doesn't convince them to switch banks or beer.
"Unless they are going to give me money when they change their name I'm not doing nothing, not going nowhere," said Gregg Martucci.
And look for the name AT&T coming to the sports complex in the future. Septa just inked a multi-million dollar deal with the company for the naming rights to the Pattison Station.