Gray, along with Paul Bracewell, Kevin Sheedy, and Derek Mountfield, will be officially honored during Saturday’s match against Manchester United.
It marks the first time Everton has inducted four players into their hall of fame at the same time.
"I feel humbled," said the former striker turned presenter.
"I'm going (to Goodison Park) this weekend for the Manchester United game. There are four of us. Four from that amazing team we had in the mid-80s who were winning everything. Myself, Paul Bracewell, Kevin Sheedy and Derek Mountfield are the four inductees.
"Without a doubt (I had the best success at Goodison). This game here (against Bayern Munich in 1985) is the one. If there's one game I'll take to the grave with me it's this one.
"We played Bayern, who were the aristocrats of European football, even back then. It was the second leg, we were losing 1-0 at half-time and we went on to beat them 3-1. Then we played Rapid Vienna in the final in Rotterdam. We won the FA Cup too against Watford."