Bosh spent six seasons with the Heat, helping the team reach four NBA Finals and win two titles.
"I am proud that Chris will have his No. 1 jersey retired and be honored inside the AmericanAirlines Arena with this recognition for the greatness as a player on the court and his tremendous contributions to the Miami community off the court," Heat president Pat Riley said. "His name and jersey will hang forever and always."
Bosh will be the first of Miami's Big Three to have his jersey hang at AmericanAirlines Arena. Both LeBron James and Dwyane Wade are still playing, though Wade has already said this year will be his last in the NBA.
While James and Wade were clearly the bigger stars at the time, Bosh was instrumental to the Heat's on-court success.
He went from being the clear No. 1 option for the Toronto Raptors to the third choice on offense in Miami, yet he accepted his new role without much complaint. Through his selflessness, Bosh showed a team centered around three All-Stars could be sustainable.
The 34-year-old last suited up for Miami in Feb. 2016. His career ended abruptly when he experienced issues related to blood clots. A medical panel ruled in June 2017 he'd be unable to return to the court.
The Heat have retired five numbers, twice honoring stars who never actually played for the franchise. Miami has banners for both Dan Marino (No. 13) and Michael Jordan (No. 23) along with Tim Hardaway (No. 10), Shaquille O'Neal (No. 32) and Alonzo Mourning (No. 33).
Bosh is 10th in minutes played (13,121), seventh in rebounds (2,816), seventh in blocks (332), fifth in points (6,914) and sixth in win shares (44.2) all time among Heat players, according to Basketball Reference.
It's only a matter of time before James and Wade join him in having their jerseys formally retired by the Heat.