The Rapha Lincoln Grand Prix was first staged in the summer of 1956 and the trophy is named in memory of rider Roy Hart, who died during the 1959 edition.
It has been held every year except in 2020 during the Covid-19 pandemic.
A women’s race was introduced in 2015.
Previous stars to compete at the event include Tour de France winner Sir Bradley Wiggins, record-breaking sprinter Mark Cavendish and Dame Sarah Storey, who is Britain’s most successful Paralympian.
Ed Hughes, of the University of Lincoln, which has signed a three-year sponsorship deal, said the race was “puts Lincoln on the map”.
As part of the deal, university students will be given opportunities to gain experience in aspects of the race such as physiotherapy, event management and media relations.