Broadcast Now reports that the channel is to be relaunched under its new banner on March 7.
A new logo will support the rebranding, which follows the decision to refresh the Channel 5 design from February 14.
5*'s identity will "underline the fun-loving image of the channel", while the network will also run a competition for unsigned artists to write the music for the broadcaster's on-air promos.
Channel 5 director of programmes Jeff Ford said: "In a competitive marketplace, you need strong brands that jump out of the EPG, and the rebranding of Fiver as 5*, combined with exciting new shows, provides us with a distinctive channel."
To coincide with the station's rebrand, two new Warner Bros sitcoms will be introduced to the channel.
$#*! My Dad Says has been signed for 18 episodes, starring William Shatner as a grumpy old man whose son relays his words of wisdom via Twitter.
Relationship comedy Better With You, which follows the lives of three couples within a single family, will join the channel for 17 episodes.
Parenthood, adapted from the movie of the same name, will also feature on the network.