The Bank is being turned into The Garage.

NHL sources confirmed to the Ottawa Sun on Monday the naming rights of Scotiabank Place have been sold to Canadian Tire and the deal will be confirmed in a news conference with Senators owner Eugene Melnyk on Tuesday.

Melnyk has called a press conference for 10 a.m. for what the Senators are calling a “significant business announcement.” It’s believed the new name will be the Canadian Tire Centre.

While Scotiabank had signed a 15-year, $20-million deal with the Senators in 2006, a source said the deal is no longer in place because the bank doesn’t serve as a financial backer and Melnyk had the right to find a new partner.

Officials with the Canadian Tire Corp. did not return calls Monday.

According to the website namescout.com, Capitals Sports Properties registered the domain name CanadianTireCentre.com on Friday.

This will be the third time since the 20,500-seat building opened it will undergo a name change. In January, 1996 it was called The Palladium until Corel Corp. bought the rights and renamed it Corel Centre.

This isn’t the first time Canadian Tire has gotten involved, but is the company’s initial dip into the major-league market to this extent.