Wallace and the entire 2021 class will be announced on Sunday at the museum in Springfield, Massachusetts.
Wallace was best known for his defense as he was a four-time NBA Defensive Player of the Year. The former HBCU Virginia Union star won an NBA championship with the Pistons in 2004 and also was a four-time NBA All-Star. He has his No. 3 jersey retired with the Pistons.
Wallace began his college basketball career at Cuyahoga Community College (Ohio) before transferring to Virginia Union, where he was a first-team Division II All-American in 1996.
After going undrafted by the NBA in 1996, he played for the Washington Bullets/Wizards and Orlando Magic before becoming a star with the Pistons. The Pistons' all-time leader in blocks also played for the Chicago Bulls and Cleveland Cavaliers. Wallace is currently a co-owner of the G League Grand Rapids Drive and has coaching aspirations.