The ceremony will take place during the team's Monday night game against the visiting Pittsburgh Steelers on Sept. 24.
Dungy, who was named to the Pro Football Hall of Fame in 2016, posted a 54-42 record as coach of the Buccaneers for a franchise-best .563 winning percentage. He would later become the first African-American head coach to win a Super Bowl when he led the Indianapolis Colts past the Chicago Bears in Super Bowl XLI.
"Tony Dungy's impact on the Buccaneers and the Tampa Bay community is not measured in terms of wins and losses," Buccaneers owner/co-chairman Bryan Glazer said. "Tony transformed our entire organization and established a winning culture that set the foundation for the most successful era in our franchise's history. Through his exceptional leadership, Tony set a new benchmark for excellence on and off the field that we still strive to achieve to this day."
Dungy received his first head coaching opportunity with the Buccaneers in 1996. The team finished with a 6-10 record, marking his lone losing campaign in six seasons.
In 1997, Dungy led Tampa Bay to its first winning record since 1982 and recorded its first playoff victory in 18 years.
"I will always be grateful to the Glazer family for giving me my first opportunity to coach a team," Dungy said. "It was an awesome time for me and my family as we encountered so many special players, staff members, and fans. This induction into the Buccaneers Ring of Honor puts a bow on all those great memories."
Dungy will join the following names in the Buccaneers' Ring of Honor: Lee Roy Selmon (2009), McKay (2010), Jimmie Giles (2011), Paul Gruber (2012), Warren Sapp (2013), Derrick Brooks (2014), Mike Alstott (2015), Doug Williams (2015), John Lynch (2016), Malcolm Glazer (2017), Gruden (2017).