Gilchrist will join former Pakistan captain Waqar Younus as the 70th and 71st male members to be honoured by the ICC.
A state player for Western Australia, Gilchrist will be honoured during the tea interval of the third Ashes Test match at the WACA on Friday.
Gilchrist revolutionised the wicketkeeper-batsman role, often changing the course of a game with his quickfire runs coming in down the order.
He represented Australia in 96 Tests in a career that spanned 12 years.
The NSW-raised player scored 5,570 Test runs and claimed 416 dismissals behind the stumps, including 379 catches and 37 stumpings. He also captained the Test team on six occasions.
Gilchrist scored 17 Test centuries and 26 half-centuries, while his best performance with the bat came against South Africa in Johannesburg in 2002 when he scored 204 not out.
He also enjoyed a strong one day record, amassing 9,619 ODI runs and 472 dismissals in 287 games.
Gilchrist said of the induction: "I am delighted to be inducted into the ICC Cricket Hall of Fame and 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.
"I'm looking forward to the day and would like to thank all the living Hall of Famers and voting academy who nominated and voted for me to join them."
Recent Australian inductees include Glenn McGrath and Shane Warne.