The Thistle Weir Youth Academy will be based at Firhill, and the Premiership club say the new initiative will give hundreds of kids the chance to shine.
Thistle chairman David Beattie said: "In recent years, Partick Thistle have shown a strong commitment to youth development but we have been looking at ways to take that a step further by creating a youth academy.
"With the generous support of Chris and Colin Weir, we have been able to make that a reality." The Weirs, from Largs, won £161 million in the EuroMillions lottery in July 2011 - the largest jackpot win in Europe.
They set up a Charitable Trust which supports Scottish groups, individuals and charities across the country. Last year they donated £750,000 to their local team Largs Thistle.
The cash was used by the junior side to build a new pitch and training facilities at Barrfields Stadium.
Colin Weir said today: "As longstanding fans of Partick Thistle, we were aware of the club's ambitions to create a new youth academy. What impressed us was that it wouldn't just be for elite players but would encourage local youngsters into football for the sheer enjoyment and fun of it.
"Having seen the club's determination to get this project off the ground, we decided that as we were in a position to offer financial assistance, we wanted to help them achieve their dream."
"Chris and I are delighted to be working with the club in this way and wish the Thistle Weir Youth Academy well for the future." Former Firhill star Gerry Britton will oversee the programme and is giving up his position in the legal profession to focus on nurturing Thistle's stars of the future.
He said: "This is a chance for the Thistle Weir Youth Academy to give hundreds of kids the opportunity to get involved in football, for fun or by creating a path to professional football for others. "There is huge potential pool of talent out there and it's going to be our job at the Thistle Weir Youth Academy to find youngsters and give them everything they need to become the professional footballers of the future." that the club and the sport need."
The Thistle Weir Youth Academy will be run at arms' length from Partick Thistle Football Club, but trustees will comprise of chairman David Beattie, director Greig Brown, general manager Ian Maxwell and Gerry Britton.