Lead singer Axl Rose is the only founding member of the band still performing under the Guns N' Roses name. The group, which was established in 1985, is to be honored at the Hall of Fame ceremony April 14. Reed has been playing with the band for about 20 years.
"I know that all the original band is going to be there," Reed told Billboard.com. "I don't know exactly what's going to go down. It's one of those things I'm sure will all come together and be really cool. I'm just going to go in with a good attitude and a clear head and a grateful heart."
Reed said he and Rose haven't discussed their expectations for the night yet.
"Honestly, we haven't spoken about it," Reed said. "I don't know when or why or how to bring it up. It's not an everyday sort of thing. So we haven't really talked about it -- but I'm sure we'll have to at some point."
2014: The Year in Music [PHOTOS]