One of them is about Parvatha, the son of Maharshi Silada. Parvatha did a lot of penance. Lord Shiva was pleased with him and offered him to live on his body. Thus Parvatha turned into a huge hill named as Sriparvatha and Lord Shiva resided on the top of the hill as Lord Mallikarjuna.
Another legend is that a Rishi had a daughter named Sri. Sri performed penance with great dedication. Lord Shiva was pleased with her penance and offered to associate her name with the Sailam Hill, Thus the hill came to be known as Sri Sailam.