The Official R&B Music Hall of Fame Museum was announced earlier this week, with plans to honour artists who have made significant contributions to the genre.
Alongside the late Jackson and Houston are 23 other inductees, as announced on the R&B Hall of Fame's website on Thursday (October 18).
Other members of the 'Hall of Fame Class of 2013' include James Brown, Otis Redding, The Temptations, and Aretha Franklin.
Reverend Al Sharpton will also be honoured with the Ron Banks Humanitarian Award for his support of soul and R&B artists, including his mentor James Brown.
An induction ceremony is scheduled to take place on May 5, 2013 in Cleveland, Ohio.
Plans for an American Pop Music Hall of Fame are currently in the works.
Watch Whitney Houston singing 'Saving All My Love For You' on The Late Show with David Letterman: