Each was honored in his first year of eligibility. They will be formally inducted Nov. 12 during ceremonies in Toronto.
Also making the cut Tuesday were Adam Oates -- named the head coach of the Washington Capitals just hours before the announcement -- and "Russian Rocket" Pavel Bure.
Sakic -- a key figure in the Avalanche's two Stanley Cup titles in 1996 and 2001 -- played his entire 20-year career with the Quebec/Colorado franchise, gaining all-star honors in 13 of them.
He the franchise's all-time leader with 625 goals and 1,016 assists.
Sudin spent 13 seasons with the Maple Leafs and remains the team's record-holder for most points, goals, power-play goals, shorthanded goals, game-winning goals and overtime goals.
Oates is sixth all-time in the NHL for assists, with 1,079, and 16th with 1,420 points. Bure played 12 season in the NHL, finishing with 437 goals and 779 points.
2014: The Year in Music [PHOTOS]