The musicians will be inducted into the Cleveland institution March 12 at New York's Waldorf-Astoria Hotel, Billboard.com reported.
The ceremony will include a tribute to the late Atlantic Records co-founder Ahmet Ertegun, the former chairman of the Rock and Roll Hall of Fame Foundation.
It remains to be seen whether Van Halen will perform at the ceremony and if it does, which incarnation of the band fans will see.
The group has no singer and is currently comprised of three Van Halens -- guitarist Eddie, drummer Alex and bassist Wolfgang.
The bassist, who is Eddie's son and Alex's nephew, recently replaced longtime bassist Michael Anthony.
Celebrity Families of 2014 [PHOTOS]