Launching in September, the show will be hosted by Adrian Chiles and Christine Bleakley.
The £1.5m relaunch will include new music and graphics along with a new studio overlooking the River Thames which will be equipped with technology for high-definition broadcasting.
Chiles and Bleakley will be joined by a team of special correspondents with the aim of bringing viewers a more news-led show along with entertainment, human interest and sport features.
ITV Director of Factual and Daytime Alison Sharman said that the rebrand had been planned since ITV bought out Disney's 25P% stake in the show last year.
"Since acquiring GMTV we have carried out a thorough review and set out to transform and significantly invest in a business that had been lagging behind its competitors in recent years," she said. "Change, both on and off screen, is an essential part of the process in our bid to reclaim the top breakfast show spot."
She added: "We want to ensure that the core audience of housewives with children keep watching but are also determined to attract new viewers to our revitalised breakfast show."
Lorraine Kelly's current slot will also be rebranded as Daybreak Lorraine.
The 50-year-old presenter said: "I love breakfast TV and I am absolutely delighted to be continuing with my own show! I am also very lucky to have an incredibly talented and hard working team and we are all looking forward to September."