Banks, nicknamed "Mr. Cub," died last month at the age of 83.
Starting in spring training and lasting through the entire season, Chicago will wear a commemorative No. 14 patch on their jerseys. For their spring training games on March 5, the team will also wear a No. 14 patch on their hats.
Banks will be honored with a pregame ceremony before the Cubs home opener at Wrigley Field on April 5 and all fans in attendance will receive a commemorative pin. Other tributes will be held throughout the season, the team said.
"There is no level of recognition that can properly acknowledge how much Ernie Banks meant to this franchise and fan base," said chairman Tom Ricketts. "Collectively, we must ensure Mr. Cub's legacy rightfully lives on at the Friendly Confines and with future generations of baseball fans."
Banks spent his entire 19-year career with the Cubs and was the first African-American player in franchise history. He was named to 14 All-Star Games and was inducted into the Baseball Hall of Fame in 1977.
- Molly Geary