The new FIGC Hall of Fame will include Michel Platini, Roberto Baggio, Gigi Riva, Marcello Lippi and Pierluigi Collina.
The Federation announced the names for the new Museum of Football initiative and the ceremony will be held on December 5.
Former Juventus star and current UEFA President Platini is inducted in the group of foreign players, Baggio in Italian players and Riva as veteran Italian.
Both 2006 World Cup winner Lippi and Coach of Il Grande Milan Arrigo Sacchi are inducted as top tacticians.
Milan’s Adriano Galliani goes into the Hall of Fame as Italian director, while legendary official Collina is in the list of Italian referees.
The December 5 ceremony will be held in Coverciano, where Italy have their training camp.
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition  - £11,000 to be won monthly!