The first two players to be recognised will be announced on March 19, with fans having the right to vote other inductees from a list to be provided by the Premier League.
Only players who have retired from professional football will be selected and their selection will be based solely on their performance in the Premier League.
Since the English top flight was rebranded as the Premier League in 1992, a host of exceptional talent both home and abroad have graced it.
The likes of Ryan Giggs, Alan Shearer, Thierry Henry, Paul Scholes, Frank Lampard and Eric Cantona are early frontrunners to be included in the list.
The criteria for selection means the likes of Cristiano Ronaldo, Wayne Rooney, Sergio Aguero and David Silva, who are all still playing professionally, will not be considered for induction just yet.
"Since 1992, the Premier League has been home to world-class players who have defined generations and provided us with compelling football season after season," said Premier League chief executive Richard Masters.
"A place in the Premier League Hall of Fame is reserved for the very best. It will be an occasion for our fans around the world to look back over the years and help us celebrate some truly exceptional playing careers."
Each inductee will receive a personalised medallion, engraved with the year of their induction.
