According to the Bradman Foundation, Tendulkar and Waugh will be honoured at a gala dinner at the Sydney Cricket Ground (SCG) on October 29.
"Cricketing greats Sachin Tendulkar AM and Steve Waugh AO will be honoured at The Bradman Foundation's Gala Dinner on October 29 at the Sydney Cricket Ground," the Foundation said today on its website.
"Tendulkar and Waugh will be present for their induction as the 2014 Bradman Honourees, joining the likes of Alan Davidson AM MBE, Dennis Lillee AM MBE and Mark Taylor AO," it added.
Tendulkar, who retired from international cricket last year, had scored three hundreds, including a double (241 not out), in five Tests (average 157) at SCG. He finished his career as the leading run scorer in Tests and ODIs. He retired after a world record 200th Test in Mumbai last year.
"There could be no more principled and deserving individuals in the game than Sachin and Steve," Bradman Foundation executive director Rina Hore said.
"Were Sir Donald to still be alive I'm sure he would unhesitatingly applaud their recognition at the ground where his ambition to play Test cricket was first kindled," he added.
The Master Blaster had met Sir Don Bradman on his 90th birthday in 1998 (August 27).
"I met Sir Don along with (Shane) Warnie. We both were so tense, we didn't know how to react. We were driving to his place thinking about what questions to ask him. I said it's your turn. You are an Australian you should know better. I told him you start and I will take over a little bit later", Sachin had said about his meeting with Bradman.
Bradman praised Tendulkar and said his batting resembled his own. "Now I never saw myself play, but I feel that this fellow is playing much the same as I used to play," Bradman had said.