The university announced Friday it will hold a ceremony at halftime of Notre Dame's game against Virginia Tech on Jan. 19. On that date in 1974, Notre Dame used a 12-0 run in the final 3:32 to beat a UCLA team led by center Bill Walton and coached by John Wooden.
Phelps coached the Irish for 20 years, posting a 393-197 record.
Previous honorees include Austin Carr, Adrian Dantley, Luke Harangody and Ruth Riley. The university announced earlier this week Skylar Diggins will be inducted into the ring on Nov. 16.