Brussels’ decision is in part to address gender inequality.
King Leopold II had a key role in Belgium’s colonial past when he ruled at the turn of the 19th and 20th centuries during which millions of lives were lost in central Africa.
The statue of the former monarch was removed by activists in Brussels in June during a Black Lives Matter protests.
Now Brussels wants to rename part of its traffic ring road after renovations next year.
"We know that King Leopold II is a very controversial figure in our history. We need to start a course of decolonization of the public space," the region's minister in charge of mobility and public works, Elke van den Brandt, said.
She said an expert panel, including specialists in colonial history and women's rights, would select a shortlist of names for the tunnel. Just 6 percent of streets in Brussels are named after women, official data shows.
Brusselites will choose the new name from the shortlist. Results will be announced later this year.
Many Belgians remain ignorant of their country's harsh colonial rule that used slave labor to harvest goods including rubber.