Nash will be joined by Jason Kidd and Grant Hill as members of the 2018 class.
Also joining the trio is former sixers guard, and current OKC assistant, "Mo" Cheeks.
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The Mavericks drafted Kidd with the second overall pick in 1994, and he played in Dallas first from 1994-96 and again in 2018-12 as part of Dallas' 2011 title squad.
A formal announcement will come during this weekend's Final Four.
Nash has career averages of 14.3 points, 8.5 assists and shot an impressive 49 percent from the field in his 18-year career. Ray Allen, who holds the record for most 3-pointers in National Basketball Association history, was also on that list, but it is not yet known if he will be inducted this year.
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Kidd ranks second in league history with 12,091 assists. He scored 17,387 points and totaled 10,335 assists across his career. Prior to his consulting days, Nash was an eight-time All-Star in the league and is still considered to be one of the best point guards of all-time. Kidd suited up for the Suns and New Jersey Nets, too.
Nash, a player development consultant for the Golden State Warriors, played 19 seasons.
The 1995 NBA rookie of the year made seven All Star teams and earned one All NBA first team selection despite a career ravaged with injuries.
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In addition to his media work, Hill now serves on the NCAA's commission on college basketball, led by former Secretary of State Condoleezza Rice, which is aimed at ridding college basketball of improper recruiting practices.