Tiger Woods will be inducted into the World Golf Hall of Fame in 2021.
"I am both honored and humbled," Woods, a 15 times major winner, said in a statement on Wednesday after receiving the necessary 75% of support from the body's voting panel.
"This achievement is the ultimate recognition to never give up and keep chasing."
PGA Tour commissioner Jay Monahan paid tribute to the 44-year-old Woods, who is missing from the Players Championship starting in Ponte Vedra Beach in Florida on Thursday due to a back issue.
"Tiger has done more for the game of golf than anyone ever thought possible, and his historic feats on the course are only one aspect of his impact," said Monahan.
"His imprint on the game is immeasurable, and his unparalleled legacy is one we look forward to celebrating as he's inducted into the World Golf Hall of Fame next year."
Woods's 15 major championships are second only to the 18 captured by Jack Nicklaus.
Woods also has 82 official PGA Tour victories (which include the 15 majors), tied for the all-time record with Sam Snead.
The Hall of Fame recently lowered the age of qualification to 45.
Woods turns 45 on Dec. 30.
(Reporting by Andrew Both in Cary, North Carolina; Editing by Toby Davis)
