The first two inductees will be revealed, during a special ceremony on 19th March.
Players who displayed “exceptional skill and talent”, during their Premier League careers, will be considered and they must be retired.
Once the first two names are disclosed, supporters will be given a shortlist of players who they will be able to vote in as the next members of the prestigious group.
The select few, will receive a personalised medallion, engraved with the year of their induction.
The Premier League's chief executive, Richard Masters, said only the “very best” players would have a place in the Hall of Fame.
He added: “The Premier League has been the home to world class players who have defined generations and provided us with compelling football, season after season.
“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.”
While this will be the inaugural Premier League Hall of Fame, a separate English Football version has existed since 2002, located at the National Football Museum.
Alex Scott, Justin Fashanu and Bob Wilson were the latest names added to that particular Hall of Fame.
Ryan Giggs, who has the most Premier League titles (13), and Alan Shearer, the league's all time top scorer (260 goals) are some of the favorites to be the first Premier League inductee's.
