England's top flight will reveal the first inductees on March 19, when a shortlist of further nominees will be released, allowing fans the chance to vote for their preferred choices.
In a statement, the Premier League said the hall of fame "will recognise and celebrate the exceptional skill and talent of players who have graced the competition since its inception in 1992".
It added: "Membership of the Premier League Hall of Fame will be the highest individual honour awarded to players by the league."
Only players who are retired will be eligible for a place in the hall of fame, while only their career in that division will be taken into account when assessing a candidate.
Premier League chief executive Richard Masters said: "Since 1992, the Premier League has been home to world-class players who have defined generations and provided us with compelling football season after season.
"A place in the Premier League Hall of Fame is reserved for the very best. 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."
Photo Getty Images Caption: The Premier League trophy