LOS ANGELES—The Los Angeles Memorial Coliseum, a city landmark and historic venue for both sports and music, will become the United Airlines Memorial Coliseum in a $69 million deal struck between the airline and the coliseum’s operator, the University of Southern California, according to people familiar with the agreement.

The deal, expected to be announced later Monday, is a crucial part of the university’s $270 million upgrade of the 95-year-old Coliseum ahead of the 2028 Summer Olympics, which the Los Angeles stadium will...