The Weirs made history two years ago when they became Britain's biggest ever lottery winners when they scooped £161 million.
Based at the club's Firhill home, the Thistle Weir Youth Academy (TWYA) will create a pathway for 120 elite youngsters to train and develop as professional athletes.
The new academy will also provide recreational opportunites for up to 1000 boys and girls.
The couple - longstanding fans of the club - say their donation was inspired by Thistle's ambitious commitment to youth development.
Mr Weir said: "What impressed us was that it wouldn't just be for elite players but would also encourage local youngsters into football for the sheer enjoyment and fun of it.
"Having seen the club's determination to get this project off the ground, we decided that, as we were in a position to offer financial assistance, we wanted to help them achieve their dream.
"Chris and I are delighted to be working with the club in this way and wish the Thistle Weir Youth Academy well for the future."
Officially, the project will be run at arm's length from the club albeit with executive support.
The academy itself will be run by former manager and player Gerry Britton, who is the current head of youth development.
He said: "This is a chance for the academy to give hundreds of kids the opportunity to get involved in football, for fun or by creating a path to professional football for others.
"There is huge potential pool of talent out there and it's going to be our job to find youngsters and give them everything they need to become the professional footballers of the future that the club and the sport need.
"To me, personally, it is the opportunity for my dream job. It throws open the doors of the club to a vast number of kids in the local community who perhaps wouldn't have had the opportunity to have a pathway to professional football."
At present, Partick Thistle's youth development programme has performance academy status under Club Academy Scotland's standard. It is comprised of six teams, each with 20 boys, who train three nights a week.
However, the new academy will deliver a high-level package similar to the experience of first team players, with physio support, nutritional advice and sports science expertise.
Initially 400 to 500 boys and girls, from the age of five years old, will join the TWYA to play football for fitness and fun.
As they progress, there will be opportunities for talented youngsters to move into the elite teams. General scouting will be also be greatly enhanced under the TWYA banner.
Thistle chairman David Beattie added: "It is a momentous day for the club and will allow thousands of kids to participate in sport.
"In recent years, Partick Thistle have shown a strong commitment to youth development but we have been looking at ways to take that a step further by creating a youth academy. It allows us to put a professional system in place with kids from five years old all the way to the first team.
"With the generous support of Chris and Colin Weir, we have been able to make that a reality."
The couple have previously donated large sums to a number of causes, including their own charitable trust, while also investing in a number of other health, sport, cultural, recreational and animal welfare projects.
The Weirs, from Largs, North Ayrshire, also splashed out £750,000 to help their local football club Largs Thistle build new custom-built training facilities.