Agassi, 40, is the sole 2011 inductee in the recent player category and his induction will be held at the Hall of Fame in Newport, Rhode Island, on July 9. Inductees in other categories will be announced at a later date, the Hall said.
"I'm truly honored to be recognized alongside the greatest players of tennis," the former world number one said in a statement.
Agassi, who won a gold medal at the 1996 Atlanta Olympics and held the number one singles ranking for 101 weeks, retired in 2006.
He shocked the sporting world in 2009 when he admitted to using the highly addictive drug crystal meth and lying to tennis officials to escape a ban.
His wife, retired tennis player Steffi Graf, is a 2004 Hall of Fame inductee.
(Reporting by Gene Cherry in Salvo, North Carolina; Editing by Frank Pingue)