According to The AP, John will lead a tribute to country rock singer Leon Russell with whom he recently recorded the LP The Union.
Zombie is to induct shock rock pioneer Alice Cooper, while Neil Young will bestow the honour on experimental singer-songwriter Tom Waits.
Other presentations will include Paul Simon toasting Neil Diamond, Bette Midler offering praise for Darlene Love and John Legend attesting to the influence of jazz musician Mac 'Dr. John' Rebennack.
The Rock and Roll Hall of Fame was established in 1983 and counts The Beatles, Led Zeppelin, The Sex Pistols and Janis Joplin among its members.
This year's ceremony will air on Fuse on March 20 from New York City.