The five-time Olympic medallist will be given the honour at a ceremony on June 2 in Baltimore in Maryland.

Thirty-nine-year-old Hedrick's Olympic medals include gold in the 5,000 metres at the Turin 2006 Games.

He also won silver in the 10,000m in the Italian city, and bronze in the 1,500m.

At Vancouver 2010, Hedrick won silver as part of the team pursuit squad and 1,000m bronze.

His career also saw him win three World Championship gold medals, including the all-round title in Hamar in 2004.

He won the 5,000m gold at the World Single Distance Championships twice in a row, in 2004 and 2005.

"It's truly an honour to be inducted into the National Speed Skating Hall of Fame and to be in the same conversation with so many great speed skaters that I looked up to and shared the ice with," said Hedrick. 

"The sport has had a huge impact on my life in so many ways - from my start on inlines, to the development of my foundation and continued involvement in the Special Olympics - and I'm humbled to have a lifelong seat at the speed skating table."

It has also been announced that Mike Plant, the current US Speed Skating President, will be inducted as a contributor to the sport.

He has served as both an athlete and executive for 37 years, and was part of the 1980 Winter Olympic team.