Of the 26 songwriters or songwriting teams on the ballot, only six will be inducted.
The late artist was supposed to be honored at the SHOF gala in 2016, but died two months before the event.
The inductees stunned the audience with "Losing My Religion" at New York event.
The 2024 class consists of Hillary Lindsey, Dean Pitchford, R.E.M., Steely Dan, Timbaland and the late Cindy Walker. Diane Warren and SZA will receive special honors.
Missy Elliott, El DeBarge, Andra Day and more will also be on hand.
She richly deserves the spot, if only for writing the sublime "You Don't Know Me."
R.E.M. will be the ninth collective of three or more songwriters to be inducted. Seven of them are performing groups. The other two teams worked behind-the-scenes.
She will become the second Black woman to receive the honor, following Alicia Keys in 2005.
Warren will be the fourth woman to receive the award on her own, following Carole King, Dolly Parton and Carole Bayer Sager.
Eligible voters have until Dec. 27 to make their choices in two categories -- performing songwriters and non-performing songwriters.
