Shearer, who is the Premier League's record goalscorer, and Henry, a four-time winner of the Golden Boot award, have been announced as the first two players to be inducted into the competition's Hall of Fame.
"The Hall of Fame recognises and celebrates the exceptional skill and talent of individuals who have graced the Premier League since its inception in 1992. It is the highest individual honour awarded to players by the League," the league said in an official announcement.
"When you look at some of the unbelievable players to have graced the Premier League - week in, week out, year in, year out - I feel very honoured to join the Hall of Fame," the former England international said upon his induction.
"I have to thank all of my teammates, as well as the managers and coaches that I've worked with.
"All I ever wanted to be was a professional footballer. It was my dream to do that, my dream to win trophies and my dream to score at St James' Park, to wear the number nine black-and-white shirt and it was fantastic. I enjoyed every minute of it."
Alongside him, Arsenal's record goalscorer Henry was the other player to be inducted in the inaugural ceremony following the Frenchman's tremendous success with the Gunners during the early 2000s.
The four-time Golden Boot winner scored 175 goals in 258 appearances across two spells with Arsenal, winning two league crowns and two Player of the Season awards.
"To be inducted alongside Alan Shearer as the two first inductees into the Premier League Hall of Fame is more than special," Henry shared.
"When I was young, I was just trying to make sure I could get a pair of boots and now we're talking about the Hall of Fame. During my career, I wanted to play hard and make sure I was fighting for the cause, because that's all the fans want to see.
"If you asked me at the start of my career about entering the Hall of Fame, I wouldn't have believed you. It's an amazing honour."
An additional 23 nominees to join Shearer and Herny in the Hall of Fame will be announced during a special broadcast on Monday evening, with fans able to vote for their favourites on premierleague.com once their identities have been revealed.
