The former Australian skipper retired from international cricket after the Perth Test against South Africa, following his poor-run.
Cricket Tasmania also said that Ponting will do a lap of honour at the Bellerive Oval during the lunch break of the first day's play against Sri Lanka at Hobart next Friday, December 14.
"Ricky has been the greatest batsman to play for Australia behind Don Bradman and that is an absolutely fantastic achievement," Cricket Tasmania chairman Tony Harrison said.
Though the veteran batsman retired from international cricket, Ponting ensured that he would continue to play for Hobart Hurricanes and the Tasmanian Tigers this season.
Tony Harrison, the chairman of Cricket Tasmania also added that the board's decision to honour the Australian great was just a tribute to the 37-year-old for his contribution to the game.
"A tribute to his career at the home of Tasmanian cricket is something that we were always hoping to confirm."
"Ricky is an icon of our sport and an icon for Tasmanians wanting to play the game of cricket and for all cricket followers."
Ponting is the second highest run-scorer in Tests behind India's Sachin Tendulkar. The former Aussie captain also holds the record for the most Test caps alongwith Steve Waugh.