The earl, a keen racehorse owner, became Prime Minister in 1894 and was also president of the Scottish Football Association and honorary president of Hearts. His racing colours of primrose yellow and pink have been worn by Scotland on several occasions, including during the Euro 2016 qualifying campaign.
The Rosebery jersey was also worn by Hearts legend Bobby Walker in 1901. His original strip will be on show in the new Hearts museum.
The new away kit will be available for sale in the Hearts club shop and online in the first week of August.