Ault, 66, who has been associated with the school for 41 years as a player, coach and administrator, had been the only current coach of a major college football team to also be enshrined in the Hall of Fame.
He posted a 233-109-1 record during three separate tenures as coach of the Wolf Pack spanning 16 years.
Ault was quarterback at Nevada from 1965-67 and was athletic director from 1986-2004.
"Chris Ault truly has been Nevada football for more than 40 years," said Cary Groth, the school's athletic director. "He has left an indelible footprint on not only the football program, but the university as well.
"His legacy is one of success, honor and tradition. There is a reason that he is in the Hall of Fame and was one of the youngest coaches ever inducted."