The news was announced by the English Premier League (EPL) on Wednesday, Bernama reported.
The duo, who established one of the most famed rivalries in EPL history, became the first managers to be honoured with the prestigious award.
Ferguson, 81, has been hailed as one of the most successful football managers of all time.
He bagged 38 titles with Manchester United, including two UEFA Champions League trophies, one FIFA Club World Cup, 13 EPL titles and five English FA Cups in his 27-year run in the Premier League, which ended in the 2012-13 season.
“I’m truly delighted to be inducted into the Premier League Hall of Fame. It’s an honour when you receive recognition like this,” Ferguson said.
“However, it’s not just about me as a person. It’s about the job at Manchester United and the bond we had over many years, so I’m also proud for the club, the staff and my players.
“I feel Arsene is a very worthy inductee as he transformed Arsenal Football Club fantastically. They became a tough team to compete with and we both wanted to win, which motivated us further.”
Wenger, 73, who was with Arsenal from 1996 to 2018, clinched seven English FA Cups and three EPL titles with the Gunners.
“I am very grateful to have been selected for the Premier League Hall of Fame. We always wanted to give something special to the fans and when you have players capable of remarkable things, the most important thing for me is the obligation of perfection,” Wenger said.
The hall of fame, which is the highest individual honour awarded by the EPL, recognises and celebrates individuals who have an exceptional record of success and have made a significant contribution to the league since its inception in 1992.
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