Hill has previously been inducted into the College Basketball Hall of Fame in 2014, but he'll now receive the game's highest honor, having starred not only for the Duke Blue Devils while in college, but over an 18-year NBA career.
Kidd and Stockton rank second and third in career assists behind only fellow Hall of Famer John Stockton.
Kidd, who ranks third in National Basketball Association history with 107 triple-doubles, was a 10-time All-Star and won a championship with the 2010-11 Dallas Mavericks.
While the formal announcement won't come until this weekend during the Final Four in San Antonio, sources told ESPN's Adrian Wojnarowski of the inductions.
Kidd was the 1994-95 NBA Rookie of the Year, setting the stage for a 19-year career in which he made the All-NBA first team five times and All-Defensive first team four times.More news: Tesla shares slide as United States authorities investigate fatal California crash
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Hill and Nash played together in Phoenix from 2007-2012.
In Pistons history, Hill is ninth all-time in points and fourth in points per game (21.6). He was the all-time leader in steals at the time of his retirement in 1993. Not only that, but being an 8-time All-Star and 7-time All-NBA player makes this an easy choice for the Hall of Fame.
In a 19-year career with the Suns, Mavericks and Lakers, Nash was an eight-time All-Star, three-time All-NBA first team selection and two-time MVP.
He was selected to 10 NBA All-Star games before venturing into coaching where he was the head coach for the Brooklyn Nets and Milwaukee Bucks.
He has often been forgotten in regards to the Hall of Fame, but he won't be anymore.