The Hayes Close End at Cloud County Ground has been renamed the Graham Gooch End, while the River End has been rebranded after Cook.
Both Gooch and Cook were loyal to Essex, playing for the county for over two decades - Gooch from 1974 to 1997 and Cook from 2003 to 2023.
According to John Stephenson, the chief executive of Essex, the club wanted to honour 'two of our finest players of all time'.
He told the Essex website that there are few people more deserving of this honour for their contribution to our club than Graham and Sir Alastair.
At the age of 70, Gooch played 391 first-class games for Essex, scoring 30,701 runs at an average of 51.77. He also scored 13,190 runs for England across 118 Tests and 125 one-day internationals, and captained his country 34 times.
Gooch was England's all-time leading Test run scorer for over 20 years, until he was overtaken by his protege Cook in 2015, whom he coached for both club and country.
At 39 years old, Cook retired from professional cricket last year. He holds the record for amassing 12,472 runs in 161 Tests and captained England in 59 of them.
Additionally, he scored 11,337 runs in 158 first-class matches for Essex, with an average of 45.16 and 31 centuries.