Bischoff was informed of the honor during an appearance on WWE After the Bell with SmackDown color commentator Corey Graves and NXT announcer Vic Joseph. Bischoff is the second member of the class of 2021 to be revealed thus far, joining former WWE Women's champion Molly Holly.
Bischoff, Holly and the rest of the class of 2021, as well as the class of 2020, will be honored April 6 when the WWE Hall of Fame ceremony streams on Peacock.
The 65-year-old Bischoff is best known for his time in WCW when he served as the company's president and an on-screen character.
He made the move to WCW in 1991 after serving as an announcer with AWA and initially had the same role with WCW. Bischoff became executive producer in 1993, however, and was then promoted to senior vice president in 1994.
He was the driving force behind WCW signing past WWE stars like Randy "Macho Man" Savage and Hulk Hogan, and he was also behind the creation of Monday Nitro, which debuted in 1995 and went head-to-head with WWE Raw.
"Easy E" played a role in creating the New World Order initially comprised of Hogan, Scott Hall and Kevin Nash, and Bischoff eventually joined the group as well, becoming an on-screen heel authority figure in the process.
With the nWo running wild, WCW would beat WWE in the Monday night ratings for 83 consecutive weeks, marking the most sustained success any rival promotion had against WWE since Vince McMahon took control of the company in the 1980s.
WWE eventually rebounded and bought WCW in 2001, leading to one of the most shocking moments in wrestling history, as Bischoff made his WWE debut in 2002 and hugged McMahon, who was the very person he attempted to put out of business previously.
Like in WCW, Bischoff was a heel authority figure from 2002-05, primarily acting as the general manager of Raw.
Bischoff returned to WWE in 2019 in a behind-the-scenes role as executive director of SmackDown, but it was short-lived, as he held that position for only four months before Bruce Prichard replaced him.
He has recently made sporadic appearances on AEW Dynamite while also hosting a podcast called 83 Weeks along with Conrad Thompson.
Given the significant role Bischoff played in the Attitude Era, which still stands as the most memorable and successful time in pro wrestling, there is little doubt that he is deserving of a spot in the WWE Hall of Fame.
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