This comes after Hewlett Packard moved to end its current naming rights deal.
SAP founder Hasso Plattner is also the San Jose Sharks majority owner. The Sharks and the city of San Jose will each get a little more than $1.6 million per year from the deal. The city council will vote on the deal later this month.
This marks the facility's fourth name since it opened as San Jose arena in a 1993.