The retired wrestler-turned-actor will be among the organisation's 2020 honorees, alongside Hulk Hogan, Scott Hall, Kevin Nash, and Sean Waltman.
The 50 year old admits he is thrilled about the accolade, but isn't looking forward to having to make a speech.
''Vince (McMahon) (WWE's chief executive officer) called me personally to ask me... I wasn't surprised, but I was pretty happy," Dave tells People. "It's a good feeling, it's a really great feeling. As soon as I hung up the phone, I was, and excuse my language, I was like, 'S**t, I gotta give a speech' And that is what I've been stressing about since.''
The six time World Champion, who went on to appear in films like "Guardians of the Galaxy" and "Avengers: Endgame", still feels he has a "journey" to continue as a WWE member.
"It's the end of my in-ring journey, but it's not the end of my journey with the WWE," he adds. "I will always be connected with them, I'll always be affiliated with them, I hope that I will always have a good relationship with them."
"So it doesn't really feel like an ending for me, it feels like, kind of, I'm right in the mix... All I can say is it feels good, it's just satisfying. I feel like I accomplished something. I feel like it was all worth it."
The WWE Hall of Fame ceremony will be held on April 2 2020.