The pair are two of the Premier League's most successful managers.
Ferguson and Wenger enjoyed a long rivalry in charge of Manchester United and Arsenal respectively.
Ferguson led the Red Devils to 13 Premier League titles while Wenger won three with the Gunners, including supervising an unbeaten run in the 2003/2004 season.
Premier League chief executive Richard Masters said: "We are delighted to welcome our first two managers into the Premier League Hall of Fame.
"Sir Alex Ferguson and Arsene Wenger both made a remarkable contribution to the history of football in this country.
"They brought unparalleled levels of success to Manchester United and Arsenal respectively, raising standards and thrilling fans with a rivalry which resulted in an astonishing 16 title wins between them."
Ferguson added: "I'm truly delighted to be inducted into the Premier League Hall of Fame. It's an honour when you receive recognition like this.
"However, it's not just about me as a person. It's about the job at Manchester United and the bond we had over many years, so I'm also proud for the club, the staff and my players.
"My job was to send the fans home happy. United's history and my own expectations were the things that drove me, and I then had to try and develop all my players with the same expectations and make sure we could go out and achieve them."
Wenger said: "I am very grateful to have been selected for the Premier League Hall of Fame.
"We always wanted to give something special to the fans, and when you have players capable of remarkable things, the most important thing for me is the obligation of perfection.
"I'd like to be known as someone who loved Arsenal, who respected the values of the club and left it in a position where it can grow and become even bigger."
