Ferdinand was selected by fans worldwide through an online public vote, and the Premier League Awards Panel from a shortlist of 15 players.
He is the first of three players who will be revealed today, with two further legends to be announced at 12:00 and 14:00 BST.
London event for 'Class of '23'
An event celebrating the Hall of Fame's "Class of ’23" will be held in London this evening.
The Hall of Fame recognises and celebrates individuals who have an exceptional record of success and have made a significant contribution to the Premier League since its inception in 1992. It is the highest individual honour awarded by the League.
Ferdinand became a six-time Premier League winner with Man Utd, first lifting the trophy in 2002/03 after breaking the British transfer record in joining from Leeds.
Known as one of the greatest ball-playing central defenders of his era, Ferdinand’s ability to carry and play the ball, paired with his natural pace and relentless desire to win set him apart.
He was part of the Man Utd team who retained the Premier League title in 2006/07, 2007/08 and 2008/09 and secured his sixth title in 2012/13, reclaiming it from Manchester City in Ferguson’s final season at the club.
Career in numbers
After making his debut as a 17-year-old for Harry Redknapp’s West Ham, Ferdinand played in 504 matches across 20 Premier League seasons, keeping 189 clean sheets in the competition, an incredibly impressive ratio of 37.5 per cent of matches he played in.
“As a defender, I'm not used to celebrating personal glory - we leave that to the midfielders and strikers!" Ferdinand said. "When you start your career, you never dream of how well things could turn out.
“I remember all those long journeys on trains and tubes; all the training, cleaning players’ boots and taking care of the kit. I remember going back to my estate and seeing my friends who were all desperate to know what it was like.
“It’s a great feeling to be recognised by my peers as well as the fans. To be inducted into the Premier League Hall of Fame alongside such a high calibre of players and to be able to say that I achieved my dream is special.
"The Premier League is the holy grail, and I just can’t believe I made it.”
All inducted players receive a medallion engraved with their name and the year of their induction, with a £10,000 donation made by the Premier League to a charity of their choice.