The late star will be recognised during the annual ceremony on May 2, 2020, and both musicians, who were pivotal figures in his life, are reportedly planning a special tribute to the MC.
According to TMZ, Faith, who was married to the "Big Poppa" hitmaker, real name Christopher George Latore Wallace, until he was fatally shot in 1997, said she's ecstatic about her late-husband being honoured as a first-ballot inductee.
She and Diddy are planning to attend the ceremony, with the "I'll Be Missing You" star confirming both are hopeful they'll be a part of the night's festivities in some capacity.
Sources close to Diddy also confirmed he and his family would attend and hinted the star had plans in the works.
Diddy met the rapper in the early '90s and signed him to Bad Boys Records in 1993. Faith was also signed to Bad Boy when she met her future husband at a photoshoot in 1994. They got married just days later.