The former captain received his commemorative cap from ICC Chief Executive Haroon Lorgat [ Images ], who was accompanied by PCB chairman Ejaz Butt, Cricket Australia [ Images ] chairman Jack Clarke and the MCC president John Barclay.
The induction ceremony was held during lunch break of the first Test match between Pakistan and Australia.
"I achieved many things during my cricketing career, including winning a World Cup in 1992, but to be named amongst the initial 55 inductees, alongside Hanif and Javed makes me very proud," Imran said after receiving his cap.
Imran captained Pakistan in 48 of his 88 Test matches scoring 3,807 runs averaging 37.69, while with the ball he claimed 362 Test wickets with an economy rate of 2.54.
He led Pakistan to its first series victory in England [ Images ] in 1987, taking 10-77 to claim victory for the side at Headingley after every other match of the series had been drawn.
Imran played 175 ODIs for Pakistan and captained the side on 139 occasions between 1982 and 1992. He claimed 182 wickets at an average of 26.61 and scored 3709 runs at an average of 33.41.
The biggest moment of his 21 years international career came in 1992 when he led Pakistan to World Cup win.
Pakistan beat England by 22 runs in the final to lift the trophy.
"Imran's brilliance in Test Match cricket and in the 50 over One-Day International format had captured the imagination of fans, including me, across the world.
"He played in great spirit and built a reputation as a magnificent all rounder in both formats," ICC Chief Executive Haroon Lorgat said in a statement.