Hunt, who sadly passed away in 1993, will always be remembered as one of the sport's biggest personalities.
His fame has grown now that his ultimately successful title duel with Niki Lauda in 1976 has been immortalised in the Hollywood blockbuster Rush.
The Austrian legend did beat his British arch-rival into the Hall of Fame (he is one of motor sport's 25 greatest names already inducted).
"James Hunt belongs in rarified company as a great British sporting hero who transcended the arena that made him famous to become a genuine national – if not global – icon. During the 1970s you didn't need to be a motor racing fan to know who James Hunt was," said Damien Smith, Editor of Motor Sport magazine.
"Clearly, he was a natural star, but the force of his personality sometimes means his ability and achievements as a truly exceptional racing driver are overlooked. That is why we feel it is important that James is made a member of the Motor Sport Hall of Fame.
"It was his competitive instinct, bravery and sheer speed that carried him to the 1976 F1 World Championship, and he fully deserves to join former rivals such as Niki Lauda, Jody Scheckter and Mario Andretti in our exclusive club of legends."