According to Michael Lee of The Athletic, the ceremony will take place Feb. 8:
Malone was inducted into the Naismith Memorial Basketball Hall of Fame in 2001 after a 19-year NBA career with the Buffalo Braves, Houston Rockets, 76ers, Washington Bullets, Atlanta Hawks, Milwaukee Bucks and San Antonio Spurs.
Malone was an All-Star in each of his first four seasons with the Sixers from 1982 through 1986, and he spent another campaign in Philadelphia near the end of his career in 1993-94.
In 357 regular-season games as a member of the 76ers, Malone averaged 21 points and 12 rebounds.
He also led the Sixers to the NBA championship in 1983, and he was named NBA Finals MVP after averaging 25.8 points and 18.0 rebounds in a four-game sweep of the Los Angeles Lakers.
Philadelphia hasn't won another NBA title since then.
The Petersburg, Virginia, native won a pair of MVP awards during his time with the Rockets, and he was named MVP for a third time with the Sixers in 1982-83.
Bill Russell, Wilt Chamberlain, Kareem Abdul-Jabbar, Michael Jordan and LeBron James are the only players to be named MVP more times than Malone.
The 13-time All-Star ranks ninth in NBA history with 27,409 points and fifth in rebounds with 16,212.
Additionally, Malone is recognized as the first player to jump from high school to major professional basketball, as he signed with the ABA's Utah Stars in 1974.
Malone died in 2015 at the age of 60 as a result of heart disease.
His No. 2 jersey will be raised to the rafters at Wells Fargo Center in Philadelphia on Feb. 8 in conjunction with a game between the Sixers and Denver Nuggets.