Motorcycling legend Mick Doohan and one-time Formula One world champion Alan Jones will be two of the inaugural inductees into the Australian Motorsport Hall of Fame.
Doohan, 50, is one of the most decorated riders in motorcycling history, claiming five 500cc world titles in succession between 1994 and 1998.
However, the Queensland-born rider was forced to retire in 1999 after breaking his leg, as well as his wrist and collarbone, in a wet qualifying session for the Spanish Grand Prix in Jerez.
"To look back at Australia's batting average in motor sport it has been pretty successful," Doohan said.
"So it is great to be recognised and I think the evening will be a fantastic turnout with so many past and present drivers, riders and the like."
Jones, 69, attracted nation-wide attention to F1 with his exploits in the 1980 championship which saw him claim the title driving for Williams.
With his five race wins throughout the 14-round season, Jones saw off Brazil's Nelson Piquet by 13 points for his one and only championship across 10 years in F1.
"I'm extremely honoured to have been chosen to be a participant of this award," he said.
"I'm really looking forward to being in the room with so many successful and famous luminaries of motor sport in general which covers all aspects."
Chairman of the Australian Motor Sport Hall of Fame Committee, Garry Connelly, added: "When you talk Australian motor sport on the global stage, you talk Mick Doohan and Alan Jones.
"Each is known globally as a motorcycling and Formula One hero respectively. What Mick and Alan achieved laid the platform for many more Australians on both two and four wheels to pursue their dreams of international motor sport success."