The club had looked at the possibility of increasing the ground’s capacity from its current 11,700 for their first season in the top-flight.
But after looking into the proposal, the Cherries decided it was not feasible to complete the undertaking for the start of the campaign, with further improvements also required under Premier League rules should they decide to work on their Dean Court home.
The new sponsorship deal will help provide welcome extra finance though, as manager Eddie Howe looks to strengthen his squad in order to ensure they can compete at the top level of English football.
“We are thrilled to announce Vitality Stadium will be our home as we start the new season,” Bournemouth commercial director Rob Mitchell told the club’s official website.
“With Vitality’s existing partnerships with some of the biggest clubs in the country, it’s an honour to have their support as we make our Premier League debut.
“Vitality also plays a very significant role in the town’s growing economy, not to mention its encouragement of local people leading healthier lives.”
Bournemouth will begin the Premier League season with a home game against Aston Villa at the newly renamed Vitality Stadium, the smallest in the division.