The Hound Dog hitmaker and the hirsute blues-rockers will be feted on 29 November (12) at the Cannon Center for Performing Arts.
A total of 25 honourees will be celebrated for their connection to the area, including Let's Stay Together singer Al Green, blues guitarist B.B. King, rap group Three 6 Mafia, and country singer Jerry Lee Lewis.
City mayor AC Wharton says, "Everywhere I go, people know Memphis, Tennessee. Every country around the world recognises Memphis as the epicentre of music.
"The establishment of the Memphis Music Hall of Fame will lend focus to this fact, and pay tribute to the musical pioneers and icons whose contributions to our culture and our heritage, both locally and globally, are unequalled.”