The multipurpose facility will not only feature studio musicians but also people who work behind the scenes, such as producers and engineers.
"You can see the hood ornament on the car if you go to the Rock 'n' Roll Hall of Fame," rock legend Neil Young said in a news release. "But if you want to look at the engine and see what's making it go, then you go to the Musicians Hall of Fame & Museum."
Guitars played Motown great Eddie Willis; the steel guitars Pete Drake played for Bob Dylan's "Lay Lady Lay" and other recordings; the bass played by Marshall Grant for several of Johnny Cash's hits; the snare drum of Red Hot Chili Peppers' Chad Smith; and the Gibson L-5 played by Scotty Moore when he was backing Elvis Presley will also be featured.
The Musicians Hall of Fame & Museum is scheduled to open its doors to the public in June.
Notable deaths of 2014 [PHOTOS]
Reports: Mila Kunis gives birth to baby girl