The recognition for the former Manchester United captain has been announced on Saturday, after he was one of seven ex-Reds nominated last month.
Michael Carrick, Patrice Evra, Michael Owen, Teddy Sheringham, Edwin van der Sar and Nemanja Vidic were also on the shortlist.
This is the first time that current Hall of Famers have been involved in the final decision, although fans also voted for their favourites.
The official induction will take place in London at a special ceremony on Tuesday 4 November.
Neville captained the Reds and was a stalwart at right-back during the successful Sir Alex Ferguson area, including winning eight Premier League titles as part of the 20 trophies he lifted.