Flutie, a six-time Most Outstanding Player in the Canadian league, is joined in the Class of 2008 by former players Mike Pringle, Michael Clemons and John Bonk and executive Tom Shepherd.
The five will be inducted at a ceremony in September.
"The Hall of Fame deserves our support in recognizing these men's accomplishments, and these inductees deserve our admiration and gratitude," CFL Commissioner Mark Cohon said.
"They are Canadian football: tough, exciting and a credit to the communities in which they thrilled us all."
Flutie, a Heisman Trophy winner who also played in the National Football League, passed for 41,355 yards and 270 touchdowns in eight seasons in the CFL.
Pringle is the league's all-time leading rusher, Clemons was an all-star who became a head coach, Bonk an all-star lineman who played in 202 consecutive games and Shepherd held various management positions with the Saskatchewan Roughriders from 1966 to 2005.