The first two players to be inducted were to be announced at a ceremony on Thursday with fans having the right to vote other inductees from a list to be provided by the Premier League but the top flight clubs will be meeting on the same day to decide how the rest of the season will pan out.
The league is on hold until at least April 3 after Arsenal manager Mikel Arteta and Chelsea winger Callum Hudson-Odoi tested positive for Covid-19 last week.
Liverpool still need two wins to be crowned champions of England for the first time in three decades but the European and relegation places are still up for grabs.
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.
Each inductee will receive a personalised medallion, engraved with the year of their induction.
