Scott Howard-Cooper, a reporter with nba.com, tweeted: "Gary Payton very excited yesterday after getting word he had been elected to the Hall of Fame. Official announcement coming Monday."
Payton 44, also known as "The Glove," is ranked as one of the NBA's highest-scoring point guards of all time.
Payton was the Pac-10 freshman of the year at Oregon State in 1987 and a three time All Pac-10 pick.
He is best known in the pros for his 13-year tenure with the Seattle SuperSonics, and holds Seattle franchise records in points, assists, and steals. He was the Sonics' second pick overall in the 1990 draft and stayed with the Seattle team until he was traded to the Milwaukee Bucks in 2003.
Payton later played with the Los Angeles Lakers, Boston Celtics and Miami Heat.
The only point guard ever to win the NBA Defensive Player of the Year award, Payton is widely considered one of the greatest of all time at that position.
He was selected to the NBA All-Defensive First Team nine times and was also a nine-time NBA All-Star and a nine-time All-NBA Team member.
According to Wikipedia, Payton got his nickname "The Glove" when Payton's cousin called him during the 1993 Western Conference Finals series against Phoenix and told him, "You're holding Kevin Johnson like a baseball in a glove," and the nickname was born.