The 2011 class includes Bobby Allison, Ned Jarrett, Bud Moore, David Pearson and Lee Petty.
"The 2011 class contains some of the most iconic names in our sport's rich history," NASCAR Chairman and CEO Brian France said. "The 2011 induction will be a very special ceremony, and we look forward to honoring these five NASCAR legends in front of their friends, family and fans."
Allison won the 1983 Cup championship and earned 84 career wins during his career, tied for third on the all-time list. Jarrett was a two-time NASCAR champion (1961 and 1965) and two-time Sportsman Division champion (1957 and '58) who earned 50 career wins before moving into the role of broadcaster.
SLIDESHOW: NASCAR Hall Of Fame Class Of 2011 Nominees Announced
Moore, a decorated World War II infantryman, was team owner who won back-to-back championships in 1962-63 and was crew chief for champion Buck Baker in 1957. Pearson is a three-time NASCAR champion (1966, '68 and '69) with 105 career Cup wins, second on the all-time list.
Petty was the sport's first three-time series champion (1954, '58 and '59) and winner of the first Daytona 500 who went on to snare 54 career victories.
The class of 2011 joins the first and initial class of Dale Earnhardt, Bill France Sr., Bill France Jr., Junior Johnson, and Richard Petty in the NASCAR Hall of Fame, which is located in uptown Charlotte.
The induction ceremony will kick-off with a red carpet event at 6:15 p.m. followed by the induction ceremony at 7 p.m.