The switch, which begins with next year's event, means that the awards will now fall on the day after Major League Baseball's All-Star Game, traditionally held on a Tuesday night.
ESPN president George Bodenheimer stated: "We've enjoyed great success in February but long-term we believe that this move will make the ESPYs more accessible for athletes to attend and fans to enjoy given the light sports calendar on that date."
As yet there is no firm location set for next year's ceremony, although Las Vegas - which has hosted the event on a number of occasions - again appears to be in the running. New York and Los Angeles are also being considered for what will be the 10th anniversary of the ESPYs.
US broadcaster ESPN has rescheduled its annual ESPY Awards ceremony celebrating the year's sporting achievements from February to July.
