Two-times Grand Slam singles champion Mary Pierce, Russian former world number one Yevgeny Kafelnikov and Wimbledon champions Conchita Martinez of Spain and Goran Ivanisevic of Croatia were among the other nominations announced on Wednesday, Reuters.com reported.
Li, who remains the only Asian player to win a Grand Slam singles title, won the French Open in 2011 and three years later lifted the Australian Open trophy.
The former world number two won nine career titles and compiled a singles record of 503-188.
“Tennis history in China is still young and it’s been a privilege for me to be part of the sport becoming so popular there,” Li said in a statement.
“I’ve loved to see so many young people get involved, and to see more of a presence from China on the tours. To be considered to be in the Hall of Fame alongside some of the best players in tennis history is a great honor for me and my country.”
The Class of 2019 will be announced in January with an induction ceremony scheduled for July 20 at the Newport, Rhode Island-based Hall of Fame.