Per Yahoo! Sports, the Hornets are expected to officially retire the name as early as the end of the 2012-2013 season, opting to become the "New Orleans Pelicans."
The colors will be those of the flag of the City of New Orleans, with the team opting to abandon a unique set of colors, one that kickstarted the trend of teal color-schemes in professional sports. Michael Jordan and the Charlotte Bobcats are expected to consider a return to the Hornets nickname and colors though there's no word yet on whether Tom Benson will cede the copyright to Charlotte.
There hasn't been an official announcement yet, but from all indications thus far, David Stern will provide final approval to the proposed name change.