Urlacher was named as part of this year's class, which includes wide receivers Randy Moss and Terrell Owens, along with linebacker Ray Lewis and safety Brian Dawkins.
Urlacher was in his first year of eligibility, and will be enshrined in a ceremony this summer.
In his 13 year NFL career, Urlacher appeared in 182 games, registering 1040 tackles and 22 career interceptions. He also had 41.5 sacks and even had four defensive touchdowns as he spent his entire career with the Bears.
Jerry Kramer, former Oilers linebacker Robert Brazile and front-office legend Bobby Beathard will also be enshrined in Canton.
The announcement will officially be made during the NFL Honors show on Saturday night, which begins at 8 p.m. on NBC.