The move will come at an undetermined home game next season.
Jackson broke into the big leagues in 1967 with the Athletics in Kansas City, and continued with the team when it moved to Oakland the following season.
The six-time All-Star while with Oakland played with the A's until 1975. He won the American League MVP Award in 1973, played on the team's three consecutive World Series championship teams, and was World Series MVP in 1974.
"I'm honored," Jackson said. "It's pretty cool. Oakland is an awfully good organization. They've had good leadership for a long, long time. I'm proud to be a part of their great tradition of winning. Not too many guys have two numbers retired."
Jackson was enshrined into the Baseball Hall of Fame in 1993 in his first year of eligibility, receiving 94 percent of the vote. The Yankees have already retired the No. 44 Jackson wore in pinstripes from 1977-81. Currently, the A's only have two numbers retired - the No. 27 of Catfish Hunter and Rollie Fingers' No. 34.
In his career, Jackson hit 563 home runs. He played his first nine seasons with the A's, when he won his only regular-season MVP.