The news came via the Associated Press, who reported that the plaques are "being replaced as part of a $30 million renovation because the dome ran out of room for additional inductees with the class of 2018."
The black-and-white plaques are 25 inches by 28 inches. Other players whose plaques will be auctioned included Patrick Ewing, Isiah Thomas and Jerry West.
Hall of Fame members will be displayed digitally in a different part of the museum after the renovations.
Per the Hall's official website, the museum will be closed from Feb. 3 through March 24 while the Jerry Colangelo Court of Dreams undergoes changes.
The Naismith Memorial Basketball Hall of Fame was established in Springfield, Massachusetts, in 1959. Seven members were inducted that year, including the inventor of basketball, Dr. James Naismith.
Per Basketball-Reference, there have been 407 inductees into the Hall through the class of 2019.