Kapil Dev, Sunil Gavaskar and Bishan Singh Bedi figured among the 55 former players named in the ICC's Hall of Fame.
Launching the ICC Cricket Hall of Fame here, Chief Executive Haroon Lorgat said the initiative, in association with Federation of International Cricketers' Association (FICA), would provide the chance for the game to recognise its greatest achievers.
"Given a key theme of the ICC's centenary year is celebrating the game's heritage then the foundation of the ICC Cricket Hall of Fame is an entirely logical step," he said.
"It will provide a means of recognising the historical contribution of past players, officials and even institutions in making cricket what it is today, a great sport with a great spirit," he added.
Gavaskar said he was "humbled" to be named along with Sir Donald Bradman and Sir Garfield Sobers.
"To be recognised by the premier authority in the game, the ICC, and that, too, in its centenary year, is an honour indeed.
"It is a privilege and I am overwhelmed and humbled to be included in such august company as Sir Donald Bradman and the one and only Sir Garry Sobers," he said in a statement.
Former Australia wicketkeeper Rodney Marsh became the first Hall of Famer to receive his commemorative cap from ICC President David Morgan.
"I'm deeply honoured to be inducted into the ICC Cricket Hall of Fame. Being recognised in this way is humbling, especially when I look at the names of the players in this list and think about those who will join it in the years to come," Marsh said.
