In a statement, Cricket Australia said that the gates, situated between the members pavilion's away dressing room and the Noble Bradman Messenger Stand, are the ones visiting players will take to access the field.
"The Sydney Cricket Ground has been my favourite ground away from India," Tendulkar said in the statement. "I have had some great memories at the SCG right from my first tour of Australia in 1991-92. It is a great honour to have the gates used by all visiting cricketers to access the field of play at the SCG named after me and my good friend Brian."
Lara said, "I'm deeply honoured to be recognised at the Sydney Cricket Ground, as I'm sure Sachin is. The ground holds many special memories for me and my family and I always enjoy visiting whenever I'm in Australia."
The gates were unveiled by SCG and Venues NSW Chairman Rod McGeoch AO, and CEO Kerrie Mather, as well as Cricket Australia CEO Nick Hockley.
"Sachin Tendulkar's record at the SCG is simply remarkable, while Brian Lara's maiden Test century remains one of the most celebrated innings by a visiting player," Mather said. "Both players continue to hold a deep affection for the SCG and they remain hugely popular whenever they visit Sydney."
Hockley said, "As the cricketing world celebrates Sachin Tendulkar's 50th birthday, this is a fitting and timely gesture by the SCG to recognise Sachin and Brian Lara as two legends of the international game with exceptional records at the SCG.
"Their feats will no doubt be an inspiration to not only visiting international teams, but all players fortunate enough to walk onto the hallowed turf of the Sydney Cricket Ground, for generations to come."