It has been confirmed that O'Neal will be honoured in a private ceremony at the Amway Center on March 27 and once again when the Magic take on the Detroit Pistons at home later that night.
Joining O'Neal in the Hall of Fame will be Magic co-founder Pat Williams and the franchise's first-ever draft pick, Nick Anderson.
"The Orlando Magic are honored to recognize those who have made significant contributions to our history," Magic CEO Alex Martins said in a statement. "Shaq made a tremendous impact on our franchise during his time with us and we are thrilled to recognize him as our third inductee into the Magic Hall of Fame. He carries on a great legacy of those who made the greatest contribution to the rich history of the Orlando Magic."
During his time with the Magic, O'Neal averaged 27.2 points, 12.5 rebounds, 2.4 assists and 2.79 blocks per game. He was also crowned Rookie of the Year after being drafted first in the 1992-93 season and was named an NBA All-Star four times.
In addition to that, O'Neal led the franchise to their first-ever NBA final in the 1994-95 season. However, despite averaging 28 points, 12.5 rebounds and 6.3 assists in the finals, the Magic were swept 4-0 by the Houston Rockets, who were the defending champions.
However, O'Neal will forever be remembered for dunking so hard on April 23, 1993 that he brought down the entire backboard from the support stanchion.