Each inductee is presented by a current Hall of Famer. Jordan was enshrined last year.
"I can't think of a better person to do it," Pippen told the Bulls' website, which first reported the news on Monday. "Michael is someone I shared my career with, accomplishing most of what I have accomplished thus far. He was a great teammate, teacher and admirer. I'm excited to have an opportunity to be the first person that he has presented into the Hall of Fame. I figure if anyone deserves to be on the stage with me, it's him."
The duo won six NBA titles together with the Bulls in the 1990s. Pippen, like Jordan, was named one of the NBA's 50 greatest players. In addition to the NBA titles, Pippen won two Olympic gold medals, made seven All-Star teams and was an eight-time selection on the all-defensive first team.
Pippen and Jordan were part of the Dream Team that highlights the class along with Karl Malone and the 1960 U.S. Olympic team. Malone will be presented by former Knicks center Willis Reed.
Pippen will arrive in Springfield on Thursday to attend a Hall of Fame reception in advance of Friday's ceremony.
"I'm looking forward to it all," Pippen told Bulls.com. "To be around my teammates, who were always so supportive, will mean a lot. I can't wait for that moment when I'm up on the stage. It's a very exciting week for me, and I'm ready to embrace it all. It signifies closing the book on my playing career, so I want to take a deep breath, cherish it, and be thankful."
Pippen returned to the Bulls last month as a team ambassador.
Information from The Associated Press contributed to this report.