Waqar, who captained Pakistan in 17 Tests and 62 ODIs, will be inducted during the first Twenty20 international between Pakistan and Sri Lanka in Dubai on December 11, to become the fifth male Pakistan player to make the list after Imran Khan, Javed Miandad, Hanif Mohammad and Wasim Akram.
"As I look forward to the day, I'm truly grateful to the people who've considered me worthy of such an honour," Waqar said.
Waqar picked up 956 first-class wickets from 228 matches in a career spanning 15 years. With 789 wickets, he is also Pakistan's second-highest wicket-taker in all formats behind Akram. Waqar is also the only bowler till date to collect five-wicket hauls in three consecutive ODIs, and is the fastest to 400 ODI wickets.
Gilchrist, one of Australia's most prolific wicketkeeper-batsmen, was an integral part of the team that lifted three consecutive World Cups from 1999, as well as the Champions Trophy in 2006. The 19th male Australian to join the Hall of Fame, Gilchrist will be honoured during the third Ashes Test at the WACA. He has aggregated 5570 runs in Tests, and 9619 in ODIs.
"To be doing it in front of my home crowd on the first day of the third Test will be a very special occasion for me and my family," Gilchrist said.