The ceremony will take place in Chicago as part of that city's effort to host the 2016 Olympic Games.
"I'm proud to be amongst those other greats who have done great things at the Olympic level," Johnson said.
Johnson holds four gold medals from three Olympic Games -- Barcelona in 1992, Atlanta in 1996 and Sydney in 2000. He is known for his trademark golden running shoes.
Since retiring from competition, Johnson has built the Michael Johnson Performance Center in McKinney. His goal is to help athletes at all levels achieve their maximum potential.
Johnson is also working with the YMCA to involve young people in south Dallas in sports.
"There's an opportunity to use the status I have as a gold medalist to help people," Johnson said.
Among those joining Johnson in the Hall of Fame this year are skier Picabo Street and the entire 1992 U.S. Men's Basketball Team, better known as the "Dream Team."
The induction ceremony will be broadcast on NBC 5 on Sept. 5 at 1 p.m.