Besides necessary legal procedures, the top athlete should also get approval of the US Open organisers to make her new name displayed during the tournament, reports Xinhua.
The Sugarpova company was founded by the former World No 1 player in 2012 with some $500,000. There are various flavours of the sweets including labels such as "flirty" and "smitten". Its has a pair of pink lips as the symbol.
The 26-year-old Russian led the Forbes list of highest-paid female athletes this year, earning $29 million between June 2012 and June 2013.
Sharapova is on top for the ninth straight year. She has received that money from tournaments prizes and sponsors endorsement deals.