Lara was set to be formally inducted into ICC Hall of Fame on Saturday night during the LG ICC awards ceremony in Colombo.
Lara said of the induction: "I think it's a very humbling experience for me. First of all, to be considered and then to be selected is a great moment. To be named alongside some of the great cricketers not just from West Indies but from all around the world like Sir Garfield Sobers, the Three Ws, Sir Vivian Richards is a very special feeling."
"I had quite a few special moments in my career. I think our 2-1 series win in Australia in 1993 under Richie Richardson was very special. Then obviously winning the ICC Champions Trophy in 2004 under my leadership was also a very special occasion,'' added Lara.
Lara became the 67th male member of the Hall of Fame, while England's Enid Bakewell is the third woman to be inducted.
Two further inductees will be announced later in the year.
The duo of Bakewell and Lara attended a special Hall of Fame cocktail reception on Friday evening to celebrate their inductions. The reception was attended by a variety of Lara's former team-mates as well as the current West Indies squad.
Also attending the reception were members of the Ireland squad, along with their coach and Lara's former team-mate Phil Simmons, as well as bowling coach Craig McDermott.
Lara represented West Indies for 131 Tests and 299 ODIs in a career that spanned 17 years. He amassed some 11,953 runs at an average of 52.88.
He scored 34 Test centuries and 48 half-centuries while his best performance with the bat featured against England in Antigua in 2004 when he scored 400 not out and to this day that total still remains the highest by any Test batsmen in an individual innings.
In the 299 ODIs that Lara played he scored 10,405 runs at an average of 40.48 that included 19 centuries and 63 half-centuries and in 1994, when captaining the West Indies, he led the team to victory in the ICC Champions Trophy in England.
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.
Brian Lara and Enid Bakewell with two more to be announced later in the year