Rodman confirmed his election while he was in Auburn Hills, Mich., to see his number officially retired by the Detroit Pistons, the Detroit News said Saturday.
"For some reason my career turned out to be pretty good," an emotional Rodman told the crowd Friday.
Rodman was drafted by the Pistons in 1986 and was part of their championship teams in 1989 and 1990. He was the NBA's leading rebounder for seven consecutive years and played on five championship teams.
The News said the 2011 Hall of Fame inductees would be formally announced at Monday's NCAA title game. Inductees need to receive 18 votes from the 24-member voting committee.