The singer is the only member of the classic line up of the 'Welcome to the Jungle' group remaining, and despite his long running feud with guitarist Slash, hasn't ruled out them both being at the induction, if they are added to the Hall of Fame next year.
Speaking in an interview with VH1's 'That Metal Show', Axl said: "I don't know what the nomination means in terms of me and the old band - I don't know - that is still all up in the air.
"It's an honour to be on the nomination and I know there is definitely an element of the fans that really like that."
Slash has already recently said if the band are put into the prestigious hall, they will have to work out how exactly to accept it.
He said: "Of course, you have those thoughts of how it might work in case it does happen, but with Guns N' Roses, there's really no guessing exactly how it will go.
"I suppose if it happens, everybody will get some sort of ducks in order."
He said: "I can't picture it. It's bound to happen, but I'd love to call the Rock And Roll Hall Of Fame, whoever they are, and say, 'Hey guys, why don't you put this off for another 10 years? Thank you!'"
While Axl has appeared onstage with both Duff and Izzy at recent Guns N' Roses concerts, he has played down any chance of a reunion of the classic line up, saying of Slash: "One Of Us will die before a reunion happens".