The Last Dance hitmaker's name was released early on Monday (10Dec12), and now bosses have officially unveiled the full list, which also includes songwriter Randy Newman and blues great Albert King.
The inductees will be honoured during a special ceremony at the Nokia Theatre in Los Angeles on 18 April (13).
Record producers Quincy Jones and Lou Adler will also be celebrated at the event as recipients of the Ahmet Ertegun Award, which recognises non-performers for their outstanding contributions.
Rush singer/bassist Geddy Lee admits he was overjoyed by the news of his band's induction, telling Rolling Stone, "It's a terrific honour and we'll show up smiling. It made my mum happy, so that's worth it."
And two-time Oscar winner Newman tells Billboard.com, "I'd like to thank the people who have supported me for all these years. It's a great honour. I'm very happy about it."