An 11 a.m. ET news conference was scheduled with Rose, Reds CEO Bob Castellini and Reds Hall of Fame executive director Rick Walls.
"Inducting Pete into the Reds Hall of Fame will be a defining moment in the 147-year history of this storied franchise," Castellini said in a statement. "He is one of the greatest players to ever wear a Reds uniform and it will be an unforgettable experience watching him being honored as such."
Rose, who will turn 75 in April, was selected as the sole inductee for the class of 2016 by the Reds Hall of Fame Board of Directors.