Rose and his band Guns N' Roses, which was established in 1985 and has undergone numerous personnel changes over the years, were to be honored at Saturday's event in Cleveland.
"I won't be attending The Rock and Roll Hall of Fame Induction 2012 Ceremony and I respectfully decline my induction as a member of Guns N' Roses to the Rock and Roll Hall of Fame," Rose wrote in a letter posted on the band's Web site.
"I strongly request that I not be inducted in absentia and please know that no one is authorized nor may anyone be permitted to accept any induction for me or speak on my behalf," he said. "Neither former members, label representatives nor the Rock and Roll Hall of Fame should imply whether directly, indirectly or by omission that I am included in any purported induction of Guns N' Roses."
Rose said he was initially honored and excited by the proposed induction, but "realized as things stood, if Guns N' Roses were to be inducted it'd be somewhat of a complicated or awkward situation" since he is the only founding member still with the band and wouldn't want to disrespect the current lineup of musicians he tours with by including past G N' R members in the induction.
"I wish the Hall a great show, congratulations to all the other artists being inducted and to our fans we look forward to seeing you on tour," Rose said.
G N' R was one of the most popular bands of the 1980s and '90s with a string of hits that included "Welcome to the Jungle," "Paradise City," "Sweet Child O' Mine" and "November Rain."