The late King of Pop and the Queen of Soul will be honored with the Apollo Legends Hall of Fame on June 14 at the historic Harlem theater.
Jackson first performed at the Apollo at its famed Amateur Night with his brothers in the late 1960s. The Jackson Five won the renowned contest, which catapulted their career.
Franklin is scheduled to attend the ceremony.
The theater has more tributes planned in Jackson's name, including a plaque on the Apollo's Walk of Fame and plans to archive the "Tribute Wall," a 100-foot long blue plywood wall adjacent to the theater that has served as an ongoing memorial for Michael Jackson fans since news of his death broke on June 25 last year.
"Inducting Michael into the Apollo Legends Hall of Fame and donating the Tribute Wall to the Apollo Theater Archives will immortalize his bond to the Apollo forever," said Apollo Theater President and CEO Jonelle Procope.
Jackson and his brothers first performed at the Harlem theater in the late 1960s. The Jackson Five won its famed "Amateur Night," which catapulted their career.
The event in June also will honor Jennifer Lopez and Marc Anthony with the theater's arts and humanitarian award.
Past hall of fame inductees include Quincy Jones, Patti Labelle and Ella Fitzgerald.