"This is very exciting news, I can't really put into words or describe what this honor means to me," the website quoted Larionov, who retired in 2004, as saying.
The 47-year-old Russian, nicknamed 'the professor', is a two times Olympic Champion, six times World Champion and three times winner of the Stanley Cup.
"So many great players from the 1900s to the current day are in the Hockey Hall of Fame. This truly is a great honor," he said.
Larionov will be the fifth Russian to be included in the NHL Hall of Fame after Anatoly Tarasov, Vladislav Tretyak, Vyacheslav Fetisov and Valery Kharlamov.
The official 2008 Induction Celebration is scheduled for November 10 and will be held at the Hockey Hall of Fame in Toronto, Canada.