Warne, who won the Test Player of the Year award in 2006, is widely regarded as Australia's greatest-ever Test match bowler having taken 708 wickets in 145 Tests.

Warne was honoured during the pre-match ceremony ahead of the Boxing Day Test with both sets of players wearing white floppy hats when walking out for the anthems as a tribute to his trademark look in the field during his Test career. Fans had also been encouraged to wear floppy hats and zinc cream in tribute to Warne.

"The happiness outweighs the sadness tenfold," Warne's son Jackson said on Fox Cricket. "To see all the zinc cream on everyone's faces, to see everyone with the floppy hats is unbelievable. To be also in front of the greatest man ever - in front of the Shane Warne stand - is just awesome."

It is the first time a Test has been played in front of the newly named Shane Warne stand at the MCG, which was renamed earlier this year. A highlights package of Warne's career was played on the big screen just prior to the anthems. His name and Australian Test cap number of 350 has been painted on the MCG outfield for the duration of the Test match.

At 3.50pm - to match Warne's number - the game briefly paused to celebrate his life the crowd rising and doffing their floppy hats with chants of 'Warnie, Warnie' ringing around the ground and the players watched in the middle.

CA chief executive Nick Hockley said it was a fitting honour to rename the award the Shane Warne Men's Test Player of the Year.

"As one of Australia's all-time greats, it is fitting we acknowledge Shane's extraordinary contribution to Test cricket by naming this award in his honour in perpetuity," he said.