Oklahoma City set to reveal nickname

Oklahoma City's NBA franchise will announce its new nickname next week, the team announced on Wednesday.

The team formerly known as the Seattle SuperSonics will unveil the new name, colours and logo on its website at 6pm EDT next Wednesday (8am Thursday AEST).

A simultaneous special unveiling event will be held at Leadership Square in downtown Oklahoma City.

Prior to coming to Oklahoma City, the city of Seattle had been seeking to hold the owners of the Sonics to the remaining two years of the team's KeyArena lease.

The two sides reached a deal in order to terminate that lease, which could be worth up to $US75 million to the city, and allow the team to move to the hometown of majority owner Clay Bennett.

It has been reported that the team is considering a number of nicknames, including the Thunder, Energy, Wind, Marshalls, Barons and Bison.

The Thunder reportedly is the favourite.