(CNN) Ryan Giggs, Thierry Henry, Alan Shearer -- the list of world-class players to have graced the Premier League is seemingly endless.

Now, the very best of the best will receive a new highly exclusive honor after the Premier League announced it will introduce its first Hall of Fame.

"Membership of the Premier League Hall of Fame will be the highest individual honor awarded to players by the League," it said in a statement.

Alan Shearer is the Premier League's all-time top goalscorer on 260 and won the title once.

The first two players to be added will be revealed on March 19, with a shortlist of nominees announced at the same time, on which fans will be able to vote.

To be eligible, players have to be retired and only the time of their careers spent in the Premier League will be considered.

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