Warne becomes the 69th male member of the Hall of Fame, and joins fellow 2012-13 inductees Brian Lara of the West Indies, England's Enid Bakewell and former Australia team-mate Glenn McGrath in being recognised by the ICC and the living members of the Hall of Fame.
Lara and Bakewell were inducted last year at the ICC Awards in Colombo in September, and McGrath during the Sydney Test between Australia and Sri Lanka in January this year.
He also played in 194 ODIs, claiming 293 wickets at an average of 25.73 and was part of the Australia side that won the World Cup in 1999 at Lord's against Pakistan alongside fellow Hall of Famers Glenn McGrath and Steve Waugh.
His performance at the match saw him named Player of the Final after he concluded the game with match figures of 9-1-33-4.
"I'm very honoured and proud to be announced as an inductee into the ICC Hall of Fame later this month and I'd like to thank the voting academy very much for even considering me. I'm looking forward to celebrating my induction with my friends and family in front of the crowd at Lord's during the second Ashes Test," Warne said.