Sportal.co.nz 20.Jul.2012Getty Images
For Lam, it comes at a bittersweet time after failing to gain re-election as Blues coach in the wake of a disastrous four-win, 12-loss Investec Super Rugby season.
He spent many happier years at Newcastle and Northampton as a powerful loose forward who also represented Samoa and the All Blacks.
Gatland coached Wasps to three successive Premiership titles from 2003, the Heineken Cup in 2004 and took over as Wales boss in 2007.
A total of 28 players and directors of rugby have been honoured by Premiership Rugby, the umbrella organisation of the 12 Aviva Premiership clubs.
They will be inducted at a charity ball at the Hurlingham Club on 3 October, with all profits for the event being donated to Sport Relief.
The ball will also celebrate the first 15 years of Premiership rugby, which kicked off in the 1997-98 season.
"A Hall of Fame to honour the best players and coaches in English club rugby is long overdue," said Premiership Rugby chief executive Mark McCafferty.
"We will induct the winners of the Premiership Rugby Director of the Year and Premiership Rugby Player of the Year awards since 1997-98. It is an impressive list."