Terry Butcher is the first Englishman to be inducted into the Scottish Football Museum's Hall of Fame.
The 52-year-old Inverness manager, who captained England, skippered Rangers to three league titles in four seasons, plus two League Cups.
He was boss of Motherwell for four seasons, Scotland assistant manager under George Burley, and has been in charge of Caley Thistle since 2009.
Pat Crerand, Ronnie Simpson and RS McColl were also inducted.
Crerand's career began at Celtic, where he played 120 times before a distinguished nine-season spell at Manchester United.
He featured in close to 400 matches for United and won two league titles, the FA Cup and European Cup. He also won 16 Scotland caps.
Simpson, who died in 2004, was the goalkeeper when Celtic won the 1967 European Cup, while McColl scored 13 times in 13 appearances for Scotland between 1896 and 1908.
"I felt very humbled and proud to receive my award, with so many fantastic people in front of me," Butcher told BBC Radio Scotland.
"When you go through the list [of inductees], it's just awesome."
Butcher, who made over 100 Rangers appearances before leaving Ibrox in 1990, is not the first non-Scot to be inducted, with places having gone to former Old Firm heroes Henrik Larsson and Brian Laudrup.
"I had just over four-and-a-half years with Rangers and in that time I scored a few own goals, marked a few doors, broke my leg and got a criminal record but apart from that it was fantastic.
"Scottish football hit me right between the eyes when I arrived 25 years ago.
"The game is much derided now but I still think it's a wonderful product."