Gonzalez, who ranks sixth all-time in the NFL in career receiving yards (15,127) and No. 2 all-time in career receptions (1,325), will become the 44th player and 48th individual to earn the honor.
The 41-year-old will be celebrated at a banquet in downtown Kansas City on Feb. 24 while his official enshrinement ceremony will take place during the team's Alumni Weekend at Arrowhead Stadium this fall.
"Tony Gonzalez is the greatest tight end in the history of the National Football League and one of the greatest Chiefs of all time," Chiefs chairman and CEO Clark Hunt said in a statement. "In his 12 seasons in Kansas City, he revolutionized his position, and his record-breaking performances and commitment to the Kansas City community made him one of the most beloved players in the Chiefs Kingdom.
"As a family and as an organization, we are excited to have the chance to celebrate Tony and his incredible career in the coming season, and we look forward to adding his name to its rightful place in the Ring of Honor at Arrowhead this fall."
Gonzalez played in 270 regular-season games with 254 starts with the Chiefs (1997-2008) and Atlanta Falcons (2009-13). He owns NFL career records for tight ends in receptions, receiving yards and 100-yard receiving games (31) while his 111 touchdown catches trail only Antonio Gates of the Chargers.
The 13-time Pro Bowl selection made 916 catches for 10,940 yards with 76 touchdowns and 26 100-yard games with the Chiefs, the highest totals of any player in franchise history.
"I'm so proud to have been a part of the Chiefs for 12 seasons and will always feel like a part of their family," Gonzalez said. "Kansas City is dear to me and I am honored to be inducted into their Hall of Fame."
Gonzalez was the No. 13 overall draft pick by the Chiefs in 1997 and was traded to the Atlanta Falcons in 2009.