The record-setting quarterback announced his plans Monday on his official website, saying he is "truly looking forward to celebrating and sharing this special moment with all of the great fans of the Green Bay Packers."
Favre did not provide a date for when the ceremony would take place.
"I'm pleased to announce that I will be returning to Green Bay, Wisconsin in 2015 for induction into the Green Bay Packers Hall of Fame and retirement of my jersey," he said on his website.
Favre spent 16 seasons with the Packers and is the NFL's all-time leader in passing yards. The three-time MVP was a fan favorite in Green Bay before his split with the team in 2008, when he retired only to stage a comeback months later, prompting the Packers to trade him to the New York Jets.
He spent one season in New York before joining the Minnesota Vikings, Green Bay's division rival, for two years. But tension between Favre and the Packers has cooled since his retirement from the NFL after the 2010 season, and he said it would be "a special honor" to be inducted into the team's hall of fame.
"It was a tremendous honor to play 16 years for the Green Bay Packers," Favre said on his website. "Now to have my name placed among others such as Starr, Hornung, Kramer, Taylor, Lambeau, Nitschke, Lombardi, Davis, White and Hutson is a special honor that I share with all of my teammates and coaches, and that would not have been possible but for the foresight of Ron Wolf, the greatest GM in the history of the NFL."
Packers To Induct Favre Into Hall Of Fame
Field Yates discusses the Packers' announcement that they will induct Brett Favre into the team's hall of fame and retire the No. 4 uniform.