Iverson, 38, formally retired as a player Oct. 30 after 14 seasons in the NBA. He last played in the 2009-10 season for Philadelphia.
The Sixers said his number will be retired March 1 in a ceremony during a game with the Washington Wizards. Iverson was born in Hampton, Va., and played collegiately at Georgetown in Washington.
He will be the eighth 76ers player to have his number retired -- joining Julius Erving (No. 6), Maurice Cheeks (10), Wilt Chamberlain (13), Hal Greer (15), Bobby Jones (24), Billy Cunningham (32) and Charles Barkley (34).
"Allen Iverson is, without question, one of the most iconic players to ever wear the Sixers uniform," said Philadelphia 76ers Chief Executive Officer Scott O'Neil. "Allen left everything out on the court and no one could ever question his heart -- he was relentless, fearless and pound-for-pound, was one of the greatest to ever play the game."
Iverson was the first overall selection by the Sixers in the 1996 NBA draft. He was voted Rookie of the Year in 1997 and Most Valuable Player in 2001.
In addition to playing 12 seasons with Philadelphia, Iverson played for Denver, Detroit and Memphis.
He scored 24,368 points over 914 NBA games -- 19th most all-time. Iverson was selected to 11 NBA All-Star teams.