Miller, a smooth-shooting five-times All-Star who spent his entire 18-season career with the Indiana Pacers, retired in 2005 and ranks second on the NBA's all-time list for three-point field goals made.
Selected 11th overall by Indiana in the 1987 NBA Draft, Miller ended his career as the team's all-time leader in points after averaging 18.2 points per game and captured an Olympic gold medal with the United States in 1996.
Rick Pitino, the only coach in men's history to lead three different schools to National Collegiate Athletic Association (NCAA) Final Four appearances, was also named as a first-time finalist for the Hall of Fame.
Two-times NBA Coach of the Year Bill Fitch and two-time Olympic gold medalist Katrina McClain were the only other first-time finalists named.
Previous finalists being included for consideration again this year are Maurice Cheeks, Bernard King, Dick Motta, Don Nelson, Hank Nichols, Ralph Sampson, Jamaal Wilkes and the All American Red Heads.
The Class of 2012 will be announced on April 2 in New Orleans prior to the NCAA men's championship game. A finalist needs 18 of 24 votes from the Honors Committee for election.
(Reporting by Frank Pingue in Toronto)