The pair join the likes of Alan Shearer, Thierry Henry, Eric Cantona and Roy Keane in getting recognised.
Lampard is the highest goalscoring midfielder in the history of the Premier League with 177 goals in 609 games and turned out for the likes of Chelsea, Manchester City and West Ham United. The former England international won three top flight crowns.
"As a young lad I remember just wanting to make it in to the West Ham team, and looking up to players like Roy Keane, Alan Shearer and Thierry Henry so to be mentioned in the same bracket as them is a real honour," Lampard said. "I am very proud and thankful for the recognition.
"The key for me was practice and hard work. I had a talent for arriving and scoring goals. I had done it in all the teams that I played for but to score consistently over that period in the Premier League was mostly down to my hard work and dedication to constantly improve."
Bergkamp earned cult hero status at Arsenal, providing some wonderful memories along the way. The former Netherlands international scored 87 goals and provided 94 assists in 315 appearances, winning three Premier League titles with the Gunners.
"It feels special to be part of a small group of players who got the recognition of playing in the strongest league in the world," said Bergkamp. "I’m honoured."
"I’m extremely proud if people say that I was one of the first foreign players who added something to the English game."
"The Premier League most definitely made me a better player. From the moment I arrived in England I’ve embraced the English mentality and passion for football, it suited me and my style of play.
"Playing every game against good and tough opponents meant I improved all the time. I’ve enjoyed every minute of it."
Two more players from a shortlist of 21 will be added to the 2021 Hall of Fame list.
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.
The criteria for selection means the likes of Cristiano Ronaldo, Sergio Aguero and David Silva, who are all still playing professionally, will not be considered for induction just yet.