Shearer, along with former Arsenal striker Thierry Henry, have become the first inductees with six more players set to join them this year.
The EPL’s newly announced Hall of Fame recognises and celebrates the exceptional skill and talent of individuals who have graced the Premier League since its inception in 1992.
And Shearer fits perfectly into that bracket. He is the league’s all-time record goalscorer having netted 260 goals across 14 top-flight seasons.
Shearer surpassed Ashington-born Jackie Milburn’s goal record of 200 after scoring 206 times following his world-record move to his boyhood club.
The 50-year-old, who now works as a pundit for the BBC, won the Premier League title with Blackburn Rovers in 1995 and remains the only player to have reached 100 Premier League goals for two different clubs.
Speaking of his induction into the Premier League Hall of Fame, Shearer said: "When you look at some of the unbelievable players to have graced the Premier League - week in, week out, year in, year out - I feel very honoured to join the Hall of Fame. I have to thank all of my team-mates, as well as the managers and coaches that I've worked with.
"All I ever wanted to be was a professional footballer. It was my dream to do that, my dream to win trophies and my dream to score at St James' Park, to wear the number nine black-and-white shirt and it was fantastic. I enjoyed every minute of it."
A shortlist of 23 former players will also be announced. Six of those will be inducted into the 2021 Hall of Fame with supporters able to vote for their choice.
Premier League chief executive Richard Masters added: "Alan Shearer and Thierry Henry are two world-class players who lit up the Premier League throughout their time in the competition. Both players were capable of scoring every kind of goal, including some of the best we have ever seen.
"Shearer’s record 260 Premier League goals puts him at the top of a long list of exceptional goal scorers. The fact that record remains unchallenged today, 15 years since his retirement, goes to show what an achievement it was.”