Lara and England's woman cricketer Enid Bakewell will be formally inducted into the Hall of Fame at a ceremony in Colombo, ICC stated in a media release on Thursday.
Lara will join the 66 male members of the Hall of Fame while Bakewell becomes the third women to be inducted.
Lara and Bakewell will attend the LG ICC Awards on September 15 at Waters Edge, Colombo and will be inducted formally.
The ICC Cricket Hall of Fame was set up in 2009, the ICC's Centenary year.
ICC Cricket Hall of Fame - initial inductees (55):
Sydney Barnes, Bishan Bedi, Alec Bedser, Richie Benaud, Allan Border, Ian Botham, Geoffrey Boycott, Donald Bradman, Greg Chappell, Ian Chappell, Denis Compton, Colin Cowdrey, Kapil Dev, Sunil Gavaskar, Lance Gibbs, Graham Gooch, David Gower, WG Grace, Tom Graveney, Gordon Greenidge, Richard Hadlee, Walter Hammond, Neil Harvey, George Headley, Jack Hobbs, Michael Holding, Leonard Hutton, Rohan Kanhai, Imran Khan, Alan Knott, Jim Laker, Harold Larwood, Dennis Lillee, Ray Lindwall, Clive Lloyd, Hanif Mohammad, Rodney Marsh, Malcolm Marshall, Peter May, Javed Miandad, Keith Miller, Bill O'Reilly, Graeme Pollock, Wilfred Rhodes, Barry Richards, Vivian Richards, Andy Roberts, Garfield Sobers, Brian Statham, Fred Trueman, Derek Underwood, Clyde Walcott, Everton Weekes, Frank Woolley, Frank Worrell.
Herbert Sutcliffe, Steve Waugh, Wasim Akram, Victor Trumper, Clarrie Grimmett.
Rachael Heyhoe Flint, Ken Barrington, Courtney Walsh, Joel Garner.
Belinda Clark, Frederick Spofforth, Curtly Ambrose, Alan Davidson.
Enid Bakewell and Brian Lara, with two further names to be announced later this year.