The couple, who married in April 2008, are to take on both of their respective surnames in order to keep the 'Crazy In Love' star's parental line from dying out.
Jay-Z – whose real name is Shawn Carter - will now be known as Shawn Knowles-Carter, while Beyonce is to become Beyonce Knowles-Carter.
A source told the Daily Star newspaper: "They want to keep Knowles because Beyonce's parents didn't have any sons and they're keen to keep the name going strong, especially if they don't produce any children themselves."
Earlier this week, the Knowles family suffered a blow when it was announced that Beyonce's parents Tina and Mathew would be divorcing after 29 years of marriage.
In October, rumours surfaced that Mathew may have been unfaithful, with a paternity suit filed by Alexandra Wright claiming he was the father of her unborn child – an allegation he has denied.
However, in a statement the estranged couple – who also have a daughter, Solange - claimed that the divorce would not be "an ugly, messy fight" and they would continue working together amicably.