The club were known as the Red Devils as far back as 1934 after the French dubbed them "Les Diables Rouges" and Koukash believes it is time to make it official.
"Warriors playing the Red Devils sounds so much better," the millionaire racehorse owner told the Manchester Evening News.
"It is a far stronger and appealing title and I am sure the fans will be excited by it.
"Our traditional red home kit next season will carry a bold distinctive Red Devils logo and be easily identifiable.
"I also want us to play in my racing colours of grey and gold away from home.
"This is all part of a major plan to rebrand the club, make a new start and make more people aware of who we are and for them to become involved."
- Sports & Recreation