Renovations are expected to begin this fall and include the creation of a 12,000-square-foot indoor-outdoor entertainment space and a new full-service restaurant.
The Anaheim Ducks team store will also be expanded to 4,200 square feet, which the company says will allow the store to sell merchandise for another team.
"These multi-million dollar upgrades will have a dramatic impact on the overall fan experience and assure Honda Center stands up favorably next to any arena in the country, including those that house multiple sports franchises," said Tim Ryan, president and chief executive of Anaheim Arena Management, which manages the Honda Center.
The Honda Center is home to the Anaheim Ducks NHL team and also hosts concerts throughout the year.
Anaheim's mayor says the improvements will mean the arena will be NBA ready. Earlier this year, the Sacramento Kings passed up the opportunity to move to the arena.
City News Service contributed to this report.