The Queen of Soul will be the subject of a week-long celebration by the hall and Case Western Reserve University. It kicks off Oct. 31, includes an all-day symposium and ends with an all-star tribute concert on Nov. 5. Performers for that show have yet to be announced.
In a statement released Tuesday, the 69-year-old Franklin said she was "thrilled and delighted" to be honored and planned to take part in the festivities.
Franklin returned to the concert scene this year after surgery for an undisclosed condition.
Past honorees include Bessie Smith, Les Paul, Janis Joplin and Woody Guthrie.