"West Indies prolific batsman Brian Lara will join the 66 male members of the Hall of Fame while England's Enid Bakewell becomes the third women to be inducted," the ICC said in a statement.
Lara and Bakewell will attend the ICC Awards at Waters Edge here and will be inducted formally.
The 43-year-old Lara is a living legend in international cricket with 11,953 runs from 131 Tests and another 10,405 from 299 one-dayers.
Lara holds several records, including the one for the highest individual score in first-class cricket, with 501 not out for Warwickshire against Durham at Edgbaston in 1994, which is the only quintuple hundred in first-class cricket history.
Lara also holds the record for the highest individual score in a Test innings (400 not out against England at Antigua in 2004).
He is the only batsman to have scored a hundred, a double century, a triple century, a quadruple century and a quintuple century.
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The 71-year-old Bakewell, meanwhile, is a legend in her own right in the women's game. She scored a total of 1,078 runs, including four centuries and seven 50s in her Test career which spanned 11 years.
She twice scored more than 300 runs in a three-Test series, hitting 412 in five innings against New Zealand in 1968 and 309 in six innings against the West Indies in 1979.
She played 23 one-day internationals, taking 25 wickets and scoring 500 runs, which included two centuries.