The induction ceremony will be staged in Toronto on November 17th following votes by an 18-member selection panel this past weekend.
Forsberg's shootout goal brought Sweden gold at the 1994 Lillehammer Olympics and the moment was immortalized on a Swedish postage stamp.
Forsberg, who won the Stanley Cup twice while playing for Colorado, saw his career cut short by injury but he ended with 249 goals in 708 career games.
"It has been a good run and I wouldn't change places with anybody," Forsberg said. "Joining Börje Salming and Mats Sundin in the Hall of Fame as
the third Swedish member makes it especially gratifying for me."
Forsberg will be joined by Czech goal-tending legend Dominik Hasek, American Mike Modano, Canadian Rob Blake, the late Pat Burns as a coach and referee Bill McCreary.