Final answer:
The hippocampus is the gyrus that contains the nerves associated with long term memory, essential for memory processing and spatial recognition.
Step-by-step explanation:
The name of the gyrus that houses the nerves associated with long term memory is the hippocampus. Positioned deep within the temporal lobe, the hippocampus is a vital brain structure that is heavily involved in the processing and formation of long-term memories. It plays a critical part in the consolidation process, which is necessary for transferring new learning into long-term storage. Furthermore, the hippocampus is known for its role in spatial and recognition memory. Underlying the cerebral cortex, this aggregation of gray matter works alongside other structures, including the amygdala and limbic system, to establish and preserve memories. One's ability to form new declarative memories—those that can be consciously recalled such as facts and events—is significantly compromised when the hippocampus is damaged.