The Premier League is launching a Hall of Fame, with the first inductees to be announced in March.
Two players will be inducted initially alongside a shortlist of nominees for future inclusion, voted for by fans.
The Hall of Fame will recognise players of "exceptional skill and talent" from home and abroad who have played in the top division since it began in 1992.
A separate English Football Hall of Fame has existed since 2002 and is housed at the National Football Museum.
Candidates for the new Premier League Hall of Fame must have retired and only a player's Premier League career is considered.
"A place in the Premier League Hall of Fame is reserved for the very best," said Premier League chief executive Richard Masters.
"It will be an occasion for our fans around the world to look back over the years and help us celebrate some truly exceptional playing careers."
Each inductee will receive a personalised medallion, engraved with the year of their induction.
Former West Ham and Tottenham manager Harry Redknapp says ex-Blackburn and Newcastle striker Alan Shearer and Manchester United legend Ryan Giggs would be his picks for the first two inductees.
"My first choice would be Shearer. He was amazing and had a great career, winning the title at Blackburn," Redknapp, who also managed Portsmouth, Southampton and QPR in the English top flight, told BBC Radio 5 Live.
"He was an old-fashioned centre-forward, a throwback to the old days.
"And Giggs had an incredible career, winning everything there was to win so many times and making so many appearances.
"He played wide left and eventually played in the middle of the park. He was a top, top player."