Waqar and Gilchrist become the 70th and 71st male members of the ICC Cricket Hall of Fame.
Waqar will join the exclusive club during the first Twenty20 International between Pakistan and Sri Lanka at Dubai International Cricket Stadium on December 11, while two days later in Perth, Gilchrist will be honoured during the tea interval of the third Ashes Test at the WACA.
They will become the first two inductees of 2013-14, while two more names will be announced later this month.
A famed exponent of reverse swing, Waqar claimed 373 wickets from 87 Tests and 416 scalps from 262 One-Day Internationals. The 42-year-old also led his country in 17 Tests and 62 ODIs.
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On his forthcoming induction, Waqar said: "It is a huge honour for me to be inducted into the ICC Cricket Hall of Fame. Joining such an elite group in front of what promises to be a full house in Dubai will only make the experience more memorable.
Gilchrist was one of Australia's most prolific wicketkeeper-batsmen, having represented his country in 96 Tests in a career that spanned 12 years.