PGA Tour Commissioner Tim Finchem announced on the eve of the tournament that Singh will be inducted into the Hall of Fame.
Singh is trying to regain the world No. 1 spot currently held by Tiger Woods, who is not competing this week.
The No. 1 spot has been tossed back and forth between Singh and Woods in recent months.
Singh returns to the tour after taking last week off and will be defending one of the 10 titles he won in 2004 while becoming player of the year.