Arthur Morris, part of Sir Donald Bradman's 1948 Invincibles, will be inducted into the ICC cricket hall of fame.
Joining Morris will be fellow Australian and former Southern Stars captain Karen Rolton, along with Sri Lankan spinner Muttiah Muralitharan and England's George Lohmann.
Morris played for 46 Tests for Australia, amassing 3533 runs at an average of 46.48 from 1946-55.
A left-handed opening batsman, Morris led the way on the 1948 undefeated Ashes series, outscoring all Australian batsmen and making three of his 12 centuries during the tour.
Rolton becomes the third Australian woman behind Belinda Clark and Betty Wilson to be inducted.
She led her country in two Tests, 41 one-dayers and nine T20 internationals and is one of Australia's most-decorated cricketers, named player of the match after scoring a century in the 2005 Women's World Cup.
The batting allrounder scored 1002 Tests runs at an average of 55.66, 4814 ODI runs at 48.14 and 405 T20I runs at 50.62, also taking 102 international wickets.
Cricket Australia CEO James Sutherland congratulated Morris and Rolton on their achievements.
"There are few honours more outstanding than being inducted into the ICC cricket hall of fame and these two players have shown throughout their careers that they are more than deserving of this award," Sutherland said.
"Arthur Morris is one of Australia's greatest ever batsman and was part of Sir Donald Bradman's famous Invincibles side of 1948. He was classy and elegant and amassed big scores when Australia needed vital runs at the top.
"Karen has often been recognised as one of the world's best female cricketers and her on-field success resulted in a number of titles for the Southern Stars during her playing career," Sutherland said.
Rolton and a representative of the Morris family will attend the awards ceremony later this year in Dubai.
Muralitharan holds the world record with 800 Test wickets. He also finished with 534 ODI wicket.
Lohmann, a swing bowler in the late 19th century, was rated by his contemporaries as the most difficult to face and will be the 27th Englishman in the hall of fame list. He raced to 100 Test wickets in 16 matches but tuberculosis shortened his career and he died in 1901 at the age of 36.